Mutual Funds in India
Mutual Funds of India
Mutual funds mobilize the savings of the general public and invest them in stock market securities. They are fast becoming an important medium of mobilizing the savings of the middle class and small investors by minimizing risk and raising the rate of returns.
Unit Trust of India :
- It was set – up in 1964. It is a 50 per cent subsidiary of IDBI and the rest 50 per cent is subscribed to LIC, SBI, other scheduled banks, IFCI and ICICI.
- It was the only mutual fund in the country till 1987 – 88 when a public sector bank sponsored mutual fund was established.
- The UTI collects its funds mostly through the sale of units under its various schemes.
Reliance Largest Fund House :
Anil Dhirubhai Ambani group company, the Reliance Mutual Fund, is the country’s largest fund house having assets of over [rupee] 80,000 crore. HDFC Mutual Fund has the second position, while ICICI Prudential Mutual Fund is at the third slot. Public Sector Fund House UTI Mutual Fund and Birla Sun Life Mutual Fund, the other two funds are among the top five.