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Showing posts from January 4, 2009

Indian Mutual fund industry-An overview

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 changed the M…