About UTI Asset Management Company Ltd.(UTI AMC)
Unit Trust of India officially came in to being through a bill passed in parliament. The twin mandates of UTI was to mobilize retail savings and invest the same in the capital markets for small investors.
Also launched its first flagship scheme US-64 which was considered an essential investment for the Indian Middle Class.
Explosive growth continues with new schemes like Reinvestment plan and the first ever saving linked insurance plan, ULIP.
Rapid expansion of UTI continues with four offices in the metros, 4500 agents and sales exceeding 30 crores.
The Central Government takes stewardship of UTI and 50 percent of UTI’s initial capital was transferred to government owned IDBI banks.
Charismatic G.S Patel takes over as UTI Chairman. He pioneered several transformative projects like Monthly income plan targeted at retirees and women, Open-ended growth schemes and many more to usher in the golden period of growth
Delinking of UTI from RBI to stand on its own.
UTI emerges as one of India’s largest financial institutions with introduction of six open and close ended schemes, Rs.2000 crores of investible funds, 17 lakhs unit-holding accounts and 11 branch offices.
Pioneering open-ended fund for Charitable and Religious Trusts and Registered Societies.
Launched Capital Gains Unit Scheme for tax shelter from capital gains.
M.J Pherwani takes over as UTI chairman from G.S Patel
Launched project Pura to reach out to the rural markets. It used the Rural Marketing and Demonstration Centres of fertilizer companies to spread awareness. Hindustan Petroleum dealers were appointed as UTI agents along with Transport corporation of India and Indian Oil Corporation employees.
Launching of Children Gift Growth Fund and the pure-equity growth fund called Master share, India’s first Equity oriented scheme. Mutual Funds became the part of Indian Lexicon with Master share
India fund, the first offshore Indian fund targeted at NRI and PIOs is launched
Banking Regulation Act and Insurance Act allows commercial banks, LIC and GIC to set up mutual funds
India Growth Fund listed on the NYSE
UTI investment Advisory Services set up to supplement equity research
Dr. S.A. Dave takes of the reigns of UTI as Chairman
UTI Institute of Capital Markets, for capital market training and research institute begins
UTI Investor Services set up as the institutionally sponsored registrar and Transfer Agency
UTI Securities Exchange Ltd India’s first corporate broking firm is launched
UTI Bank Ltd, first private sector bank set up under RBI guidelines
UTI co-promotes National Securities Depository Ltd
UTI launches, India Access Fund, fist off-shore India Index Fund, India Debt fund, India Information Technology Fund, India Public Sector Fund
G P Gupta Takes over as UTI Chairman
New chairman P.S. Subramanyam takes the reins of UTI
Age of Competition
M. Damodaran appointed as UTI Chairman
UTI Act repealed by GOI and UTI Mutual Fund merges as a new entity
UTI split in to SUUTI and UTI MF
R.H. Patil takes over the leadership of UTI
UTI MF sees accelerated growth with 55 offices and acquisitions like IL&FS and AXEL Portfolio management services
UK Sinha becomes the Chairman
Micro-Pension initiative is launched
UTI ties up with Shinsei Bank to launch offshore fund
Launch of transaction facilities with NSE
Leo Puri appointed as Managing Director of UTI AMC Ltd
UTI completes 50 glorious years as a leading financial service provider in India