Mutual funds History in India (1964 - 1996)

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 I

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