Us-64 May Go Nav-Based By November

The Unit Trust of India is likely to commence net asset value (NAV)-based trading for units of US-64 scheme in November, two months ahead of the set limit of January 2002.

Speaking at an investors' meet organised by the Forum for Free Enterprise in Mumbai today, M Damodaran, chairman of the UTI, said: "I have every intention to commence NAV-based trading of US-64 two months before January 2002. We will also disclose the entire portfolio of the scheme with the same."

On July 2, while announcing the limited repurchase window for the small investors of US-64, UTI had said that the pricing for the scheme would be made NAV-based by January 2002.

Damodaran said investors used to administered price for sales and repurchases, cannot make sudden transition to NAV-based pricing and so they have to get used to such market-based pricing.

He said the UTI would abide by guidelines set by the Securities and Exchange Board of India for frequency of disclosures.

On raising the repurchase limit for limited window from 3,000 units, he said: "We are looking at the proposal. But, average application size for repurchase was about 1,500 till date. Since the day the special repurchase window opened, UTI has received applications aggregating Rs 63 crore."