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The total Assets Under Management (AUM) of the Indian mutual fund industry as of December 31, 2023, stood at a staggering ₹ 50.78 trillion (US$590 billion). This is a significant milestone, marking over a six-fold increase compared to the ₹ 8.26 trillion (US$95 billion) recorded in December 2013.
In 1964, UTI launched its first investment scheme Unit Scheme-1964 initially RBI had the regulatory and administrative control. UTI had the monopoly of the mutual fund industry till 1987 when the Government of India permitted public sector banks and financial institutions to sponsor mutual funds. [2] [3] Golden Jubilee Year - Commemorative Stamp
It was incorporated on 22 August 1995, as a non-profit organisation. As of now, 44 Asset Management Companies that are registered with SEBI, are its members. Most mutual funds firms in India are its members. The organisation aims to develop the mutual funds market in India, by improving ethical and professional standards. [2]
The fund is regulated to manage pension funds in India. [9] It offers services like banking , asset management , investment banking , life insurance, stock broking and general insurance. Kotak Mutual Fund follows an institutionalized investment process.
SBI Mutual Fund is an Indian private asset management company [6] introduced by the State Bank of India (SBI) and incorporated in 1987 with its corporate head office located in Mumbai, India. SBIFMPL is a joint venture between the State Bank of India, an Indian public sector bank, and Amundi, a European asset management company. A shareholder ...
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[10] In 2013, the company established Aspire Home Finance Corporation Limited (AHFCL). [5] The company offers loans for home, construction, composite, improvement and extension in India. [11] In February 2024, Motilal Oswal Financial Services faced a cyberattack by the ransomware group LockBit, which claimed to have accessed confidential data ...