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