Abstract
FIRST Phase (19964-87)-UTI all the way This phase begin with the inception of the Unit Trust of India (UTI). It remained the only mutual fund player in the country till 1987. UTI started its operations in July 1964 “with a view to encouraging savings and investment and participation in the income, profits and gains accruing the corporation from the acquisition, holding, management and disposal of securities”. In short, it was set up by the Indian Government with a view to augments small savings in the country and to channelize these savings to the capital markets. UTI witnessed a slow and steady growth over the 1970s and 1980s and by the end of 1988 it had an Asset under Management (AUM) of Rs.6, 700 crore. It still continues to be the largest player in the domestic mutual fund industry with an AUM of Rs. 23,500 crore as on March 31, 2005.
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