UTI Mutual Fund was carved out of the erstwhile Unit Trust of India (UTI) as a SEBI registered mutual fund from 1 February 2003. The Unit Trust of India Act 1963 was repealed, paving way for the bifurcation of UTI into - Specified Undertaking of Unit Trust of India (SUUTI); and UTI Mutual Fund (UTIMF).
UTI Mutual Fund is promoted by the four of the largest Public Sector Financial Institutions as sponsors, viz., State Bank of India, Life Insurance Corporation of India, Bank of Baroda and Punjab National Bank with each of them holding a 18.24% stake in the paid up capital of UTI AMC.
T Rowe Price Group Inc (TRP Group) through its wholly owned subsidiary T Rowe Price Global Investment Services Ltd. (TRP) has acquired a 26% stake in UTI Asset Management Company Limited (UTI AMC).
UTI Mutual Fund is the oldest and one of the largest mutual funds in India with over 10 million investor accounts under its 230 domestic schemes / plans as on September 30, 2017.
UTI Mutual Fund has a nationwide distribution network, which is spread across the length and breadth of the country. Its distribution network comprises over 48000 AMFI/NISM certified Independent Financial Advisors, 302 Business Development Associates and 150 Financial Centers.
UTI Mutual Fund has been the pioneer for launching various schemes viz. UTI Unit Linked Insurance Plan (ULIP) with life & accident cover (Launched in 1971), UTI Mastershare (Launched in 1986), India's first Offshore Fund - India fund (Launched in 1986), UTI Wealth Builder Fund, the first of its kind in the Indian mutual fund industry combining different asset classes i.e equity and gold which are lowly correlated.
Video Unit Trust of India
See also
Mutual funds in India
Maps Unit Trust of India
References
External links
- Unit Trust of India
- History of Mutual Funds in India
Source of the article : Wikipedia
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