PHASE I – 1964 – 87
- Mutual Fund Industry started in India in 1963 with the formation of UTI
- Launch of First Scheme – US 64 – it was a very popular scheme, largely perceived as a debt fund with assured returns. However, it never had to declare its NAV and ran into problems in 1991, since then it has closed down.
PHASE II – 1987 – 93 (Entry of Public Sector Funds)
- Establishment of State Bank of India MF – the first non UTI MF.
- Followed by Canbank MF, Life Insurance Corporation MF, Bank Of India MF.
- UTI still had leadership
PHASE III – 1993 –1996 – Entry of Private Sector Mutual Funds
- Entry of the Pvt. Sector funds in 1993
- Morgan Stanley, Templeton, Zurich, Alliance, Pioneer, Threadneedle, all entered India
- Many Indian houses started looking at this area of business
- Clients started becoming selective
PHASE IV – (SEBI Regulation for Mutual Funds) 1996
- SEBI -the regulatory authority
- UTI comes under SEBI regulation voluntarily
- Sebi regulations were enacted and implemented
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