With this broad objective India’s first mutual fund was establishment in 1963, namely, Unit Trust of India (UTI), at the initiative of the Government of India and Reserve Bank of India ‘with a view to encouraging saving and investment and participation in the income, profits and gains accruing to the Corporation from …
What was the first mutual fund?
The first modern mutual fund was launched in the U.S. in 1924. The oldest mutual fund still in existence is MFS’ Massachusetts Investors Trust (MITTX), also established in 1924. The exchange-traded fund, a modern variation, has taken the market by storm since the Great Recession of 2007–2009.
Who launched the first mutual fund?
The concept of mutual funds was invented in Europe in early 1770s. During a bleak economic situation, Adriaan Van Ketwich, a Dutch merchant created the world’s first mutual fund in 1774. He pooled money from several individuals and created a diversified fund of bonds.
Who started mutual fund first time in India?
The first mutual fund scheme that was introduced in India by UTI was in the Unit Scheme (1964). UTI had Assets Under Management worth Rs. 6,700 Crores, by the end of the year 1988.
Which is the biggest mutual fund company in India?
SBI Mutual Fund
It was launched in 1987. With an Average AUM (for the July-September quarter of 2021) of Rs 5.78 lakh crore, SBI Mutual Fund is the top AMC in India by AUM.
Who controls mutual funds in India?
As far as mutual funds are concerned, SEBI formulates policies, regulates and supervises mutual funds to protect the interest of the investors. SEBI notified regulations for mutual funds in 1993.
When did SIP started in India?
Mutual Fund Systematic Investment Plans or SIPs were introduced in India way back in 1993 by Franklin Templeton Mutual Fund.
How many mutual funds are in India?
There are 44 asset management companies (AMCs) or mutual fund houses operating in India.
What is the current status of mutual funds in India?
As of 30 June 2021, the AUM (Assets Under Management) of the Indian mutual fund industry is around INR 33.67 trillion. The AUM of the Indian Mutual fund Industry as of 30 June 2016 was INR 13.81 trillion. The industry has seen a two-fold increase in the span of 5 years.
Does RBI regulate mutual funds?
Along with SEBI, mutual funds are regulated by RBI, Companies Act, Stock exchange, Indian Trust Act and Ministry of Finance. RBI acts as a regulator of Sponsors of bank-sponsored mutual funds, especially in the case of funds offering guaranteed returns.