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History Your results on : Mutual Fund | History
In India, the mutual fund industry started with the setting up of the erstwhile Unit Trust of India in 1963 at the initiative of the Government of India and Reserve Bank of India. The history of mutual funds in India can be broadly divided into four distinct phases
Phase 1 - 1964 - 1987
  • Established on 1963 by an Act of Parliament.
  • Set up by the RBI and functioned under the Regulatory i.e. SEBI and administrative control of the RBI.
  • In 1978 UTI was de-linked from the RBI and the Industrial Development Bank of India (IDBI) took over the control.
  • The first scheme launched by UTI was Unit Scheme 1964.
  • At the end of 1988 UTI had Rs.6,700 crores of assets under management.
Phase 2 - 1987 - 1993
  • Entry of Public Sector Funds i.e. non-UTIs like public sector banks and Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC).
  • SBI Mutual Fund was the first non- UTI Mutual Fund established in June 1987.
  • Then followed Canbank Mutual Fund (Dec 87), Punjab National Bank Mutual Fund (Aug 89), Indian Bank Mutual Fund (Nov 89), Bank of India (Jun 90), Bank of Baroda Mutual Fund (Oct 92).
  • LIC established its mutual fund in June 1989 while GIC had set up its mutual fund in December 1990.
  • At the end of 1993, the mutual fund industry had assets under management of Rs.47,004 crores.
Phase 3 - 1993 - 2003
  • Entry of Private Sector Funds in 1993
  • Kothari Pioneer (now merged with Franklin Templeton) was the first private sector mutual fund registered in July 1993.
  • The 1993 SEBI (Mutual Fund) Regulations were substituted by a more comprehensive and revised Mutual Fund Regulations in 1996.
  • Many foreign mutual funds also set up funds in India
  • At the end of January 2003, there were 33 mutual funds with total assets of Rs. 1,21,805 crores.
Phase 4 - February 2003 onwards
  • UTI was bifurcated into two separate entities
  • One is the Specified Undertaking of the Unit Trust of India representing broadly, the assets of US 64 scheme, assured return and certain other schemes. It functions under an administrator and under the rules framed by Government of India
  • The second is the UTI Mutual Fund, sponsored by SBI, PNB, BOB and LIC. It is registered with SEBI and functions under the Mutual Fund Regulations.
  • The mutual fund industry has entered its current phase of consolidation and growth.
  • In 2011, the mutual fund industry had assets under management of Rs. 5,92,250 crores.
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