Sh. Ravi Shankar Prasad, Hon'ble Minister of Communications & IT
releasing Postal stamp on UTI (Unit Trust of India) on 12th Nov 2014 at
Hotel Leela, New Delhi. Department of Posts is happy to celebrate the
journey of UTI by releasing a Commemorative Postage Stamp on UTI.
-- Department of Posts is happy to celebrate the journey of UTI by
releasing a Commemorative Postage Stamp on it. On this occassion Sh.
Ravi Shankar Prasad, Hon'ble Minister of Communications & IT
releasing Postal stamp on UTI (Unit Trust of India) on 12th Nov 2014 at
Hotel Leela, New Delhi.
The objective of India's development
strategy has been to establish a socialistic pattern of society through
economic growth with self-reliance, social justice and alleviation of
poverty. These objectives were to be achieved within a democratic
political framework using the mechanism of a mixed economy where both
public and private sectors co-existed. In the 1960s, the era of Green
revolution and industrialization, the planners and policy makers
suggested the need for using a wide variety of instruments like state
allocation of investment, licensing and other regulatory controls to
steer Indian industrial development on a closed economy basis. This led
to the establishment of the UTI or the Unit Trust of India through the
Unit Trust of India Act, 1963 of the Parliament.
UTI was set up
by the Reserve Bank of India (RBI) and functioned under its Regulatory
and administrative control. It commenced its operations from 1st
February, 1964 with the objective of mobilizing savings of the community
and providing the small investors with a means of acquiring a stake in
the industrial growth of the country. The first scheme launched by UTI
was Unit Scheme 64. In 1978, UTI was de-linked from the RBI and the
Industrial Development Bank of India (IDBI) took over its regulatory and
administrative control.
UTI remained the sole vehicle for
investment in the Indian capital market for more than two decades, after
which, the public sector banks were allowed to enter the foray. The
vibrancy and competition increased with the setting up of the Security
Exchange Board of India, a regulatory body. The Unit Trust of India Act,
1963 was repealed in 2001. This was followed by the bifurcation of the
organization into - Specified Undertaking of Unit Trust of India
(SUUTI); and UTI Mutual Fund (UTIMF) on 1st February, 2003.
Today,
the two branches of UTI are carrying forward the legacy of the parent
organization. The Specified Undertaking of the Unit Trust of India, with
assets worth Rs. 29,835 crores at the end of January 2003, represented
broadly, the assets of US 64 scheme, assured return and certain other
schemes. This is a Specified Undertaking of Unit Trust of India,
functioning under an administrator and under the rules framed by
Government of India, and does not come under the purview of the Mutual
Fund Regulations.
The second branch is the UTI Mutual Fund,
sponsored by State Bank of India, Punjab National Bank, Bank of Baroda
and Life Insurance Corporation, with each of them holding 18.5% stake in
the paid up capital of UTI AMC. It is registered with SEBI and
functions under the Mutual Fund Regulations. With the bifurcation of the
erstwhile UTI, which had in March 2000 more than Rs. 76,000 crores of
assets under its management, and with the setting up of a UTI Mutual
Fund, conforming to the SEBI Mutual Fund Regulations, along with recent
mergers taking place among different private sector funds, the mutual
fund industry has entered its current phase of consolidation and growth.
UTI
is the oldest and one of the largest mutual fund in India.UTI Mutual
Fund has been the pioneer for launching various schemes like UTI Unit
Linked Insurance Plan (ULIP) with life & accident cover (Launched in
1971). Over the years, brand UTI has taken up the role of wealth
creator for the masses. UTI is a process-oriented financial powerhouse
with core business principle being customer delight through consistent
fund performance and excellent service.
Source : http://www.indiaprwire.com/pressrelease/mutual-funds/20141107343613.htm
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