UTI Mutual Fund has launched a 10-year close-ended equity linked savings scheme called UTI-Long Term Advantage Fund-Series II. The issue will close on March 19 next year. The investment objective of the scheme is to provide medium to long-term capital appreciation along with income tax benefit. Investment in the scheme will qualify for deduction from gross total income up to Rs 1 lakh under section 80C.
Franklin Templeton Investments (India) has announced a tax-free dividend of Rs 4.50 per unit having a face value of Rs 10 in its open-ended diversified equity fund, Templeton India Growth Fund. The fund was launched in 1996 and has generated a return of 37 per cent over the past seven years. All investors registered in the dividend plan as on December 26 will receive this tax-free dividend.
Reliance Money has tied up with UK-based equity brokerage CMC Capital Markets to enable clients to buy and sell stocks on 27 overseas exchanges. The Reliance ADAG company has an arrangement with Eleron Global of the US for trading in commodities on foreign exchanges. As of now, Reliance Money has 6,500 clients trading in foreign equities with a daily turnover of $10 million to $15 million.