The Idea Of Mutual Fund Essay
The first decade of UTI operations (1964-74) was the formative stage. It introduced UnitLinked Insurance plan (ULIP) in 1971. The period 1974-84 witnessed a state of consolidation and expansion of the UTI. During the period 1984-1987, the Trust launched several new schemes such as Children‟s Gift Growth Fund (1986) and Master Share (1987). The first Indian offshore was brought out. UTI had Rs. 6700 crore of assets under management in 1987-88.
Phase II 1987-1993
The second phase between 1987 and 1992 witnessed the broadening of the base of the industry by the entry of mutual funds sponsored by commercial bank and public sector financial institutions. Followed by the government‟s decision to permit nationalized banks to set up mutual funds, the State Bank of India (1987), Life Insurance Corporation (1989), General Insurance Corporation (1991), Canara Bank (1987), Indian Bank (1990), Bank…