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