Indian Mutual fund industry is shining high⦠I have found this article on a website ,which says that it is a gift of 5 great events⦠Current status: ⢠Around 35 mutual funds ⢠a total asset size of Rs 402,029 crore (Rs 4,020.29 billion),. 1. 1963-64: The UTI monopoly ⢠UTI (Unit Trust of India) was India's first MF. ⢠Was created in December 1963 through a special Act of Parliament and functioned under the Reserve Bank of India. ⢠Launched its first scheme, US-64 (Unit Scheme-1964) in 1964. ⢠Received almost 126,000 applications for the scheme for Rs 17.4 crore (Rs 174 million). ⢠UTI remained the only fund house in India until public sector companies were allowed to enter the space in 1987. ⢠UTI remained India's largest MF till 2002. 2. 1993: Private sector MFs allowed ⢠Private sector and foreign MFs were allowed from 1993. ⢠The Kothari Pioneer (KP) MF was India's first private sector MF. ⢠With higher salaries and better fund management practices, private sector MFs c...
Trying my hand on the betwixt and between moments of the life