The History of the Mutual Fund Industry in India - Where It All Began

The History of the Mutual Fund Industry in India - Where It All Began – Unit Trust of India

The article traces the inception and evolution of the Indian Mutual Fund industry, focusing on the landmark establishment of the Unit Trust of India (UTI) in 1964. Inspired by global models, particularly the Unit Trust of England, UTI emerged as the world's first public sector unit trust with the mission to encourage savings and investment. Spearheaded by Shri T T Krishnamachari, UTI played a pivotal role in channeling small savings from lower and middle-income groups into the capital markets. The narrative explores key milestones, such as the introduction of innovative schemes like Unit Scheme 1964 and the challenges faced by US-64 in later years. The article also highlights the regulatory changes in 1993, the subsequent revamp of UTI in 2003, and its continued growth and adaptability, positioning it as one of India's leading mutual fund houses today.

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