The Unit Trust of India (UTI) was established on February 1, 1964. It was created as a financial institution to promote savings and investment among the Indian public. UTI pioneered the concept of mutual funds in India and played a crucial role in channeling household savings into the capital market.
The UTI Act was passed in Parliament, and UTI started its operations on February 1, 1964. Over the years, UTI became a significant player in the Indian financial market, managing a variety of mutual fund schemes. However, in 2003, UTI was restructured and bifurcated into two separate entities: UTI Mutual Fund, which continued to manage mutual funds, and UTI Asset Management Company (UTI AMC), responsible for the asset management functions.
The mutual fund industry in India has since grown, with several other asset management companies entering the market. UTI Mutual Fund remains one of the prominent mutual fund houses in the country.
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