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 Mutual Fund

Over the past ten years, the Indian Mutual Fund Industry has been one of the fastest growing sectors in the Indian capital and financial markets. It is passing through its biggest transitional phase. While the domestic players are consolidating the foreign companies have been making entry in a big way. The industry scenario has become extremely competitive and delivered excellent performance. The added new products and services meet varying investment needs of investors.

The industry has passed through various phases and experienced multifold growth. The rapid growth in the industry has led to considerable changes in regulation, the structure of funds available and the composition of net assets across various industry segments, as well as in the portfolio of investment funds.
First Phase – 1964-87 Unit Trust of India (UTI) was established on 1963 by an Act of Parliament. At the end of 1988 UTI had Rs.6,700 crores of Assets Under Management.
Second Phase – 1987-1993 (Entry of Public Sector Funds) It marked the entry of non- UTI, public sector mutual funds set up by public sector banks, with SBI Mutual Fund being the first to take the lead
Third Phase – 1993-2003 (Entry of Private Sector Funds) With the entry of private sector funds in 1993, a new era started in the Indian mutual fund industry, giving the Indian investors a wider choice of fund families. Also, 1993 was the year in which the first Mutual Fund Regulations came into being. The number of mutual fund houses went on increasing, with many foreign mutual funds setting up funds in India and also the industry has witnessed several mergers and acquisitions
Fourth Phase – since February 2003: In February 2003, the mutual fund industry entered its current phase of consolidation and growth.
This sector can broadly be divided based on the nature of the schemes launched by the mutual funds. The fixed income asset class, which comprises income, liquid, gilt and money market schemes, comprises a major share of total funds under management and the other two asset classes – equity and balanced schemes.
The mutual fund industry has also experienced considerable activity over last few years with the total assets under management growing at CAGR of 20.6% over the period FY06-11 to Rs. 5,923 bn as on March 31, 2011.
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