UTI Mutual Fund was carved out of the erstwhile Unit Trust of India (UTI) as a SEBI registered mutual fund from 1st February 2003. The Unit Trust of India (Transfer of undertaking & Repeal) Act 2002 was passed by the Parliament, paving way for the bifurcation of UTI into – Specified Undertaking of Unit Trust of India (SUUTI); and UTI Mutual Fund (UTIMF).
UTI Mutual Fund is promoted by the four of the largest Public Sector Financial Institutions as sponsors, viz., State Bank of India, Life Insurance Corporation of India, Bank of Baroda and Punjab National Bank with each of them presently holding a 18.29% stake in the paid up capital of UTI AMC.
T Rowe Price Group Inc (TRP Group) through its wholly owned subsidiary T Rowe Price International Ltd. (TRP) has acquired a 26% stake in UTI Asset Management Company Limited (UTI AMC).
The sponsors are neither responsible nor liable for any loss resulting from the operation of the scheme beyond the contribution of Rs.10,000/- made by them towards setting up the Mutual Fund.