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Has UTI Mastergain unit scheme been discontinued

My Dad had purchased units in UTI Master Gain for Rs. 2,000 INR in 1992. However, the scheme has been discontinued some time back. Is it possible to know the value of these units as on today, approx what will they be equivalent to? Also, how can we redeem these units (we have the necessary certificates with us)?

May 5, 2017 by MGD, Mumbai  |   Mutual Fund

UTI Mastergain scheme has not been discontinued rather the name of the scheme has been changed to UTI Equity Fund effective August 01, 2005. All the unit holders of UTI Mastergain scheme now hold units of UTI Equity Fund, a diversified equity fund.

The growth option NAV of UTI Equity Fund today is Rs 115.1667, accordingly, the value of your dad's holding in the scheme should be Rs 23,033.34 (200 units x NAV of Rs 115.1667) ,if he had invested in the growth option.

Since UTI equity fund is an open ended scheme, your dad can redeem the units any time he wishes. However, you should first contact UTI Mutual Fund Office with the original certificate of UTI Mastergain scheme in order to collect the account statement of UTI Equity Fund.

Hope this helps you! Thanks for writing to Advisorkhoj!

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