Functions Of Unit Trust Of India

I want to know the Functions and the activities of Unit Trust Of India so can you please tell me?

[pawan]

Unit Trust of India (UTI) is a statutory public sector investment institution established in February 1964 under the Unit Trust of India Act, 1963.

It provides opportunity for small-savers to invest in areas where their risk is diversified.

Functions of UTI:

To grant loans and advances

To encourage savings of lower and middle-class people.

To accept discount, purchase or sell bills of exchange, promissory note, bill of lading, warehouse receipt, documents of title to goods etc.,

To provide leasing and hire purchase business

To provide merchant banking and investment advisory service

To extend portfolio management service to persons residing outside India.

To buy or sell or deal in foreign exchange dealings.

To formulate unit scheme or insurance plan in association with or as agent of GIC

To invest in any security floated by the Central Government, RBI or foreign bank

Activities of UTI:

The UTI can sell and purchase the units issued by it, investing, acquire, hold or dispose off securities.

Keep money on deposit with the scheduled banks and undertake related functions incidental or consequential to that.

All the units issued by the UTI are of the value of Rs. 10 each.

These units were put on sale at face value and thereafter at prices fixed daily by the UTI.

Units can be purchased in ten or multiples of ten.

Customer service: 1800 22 1230