Unit Trust of India

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The Unit Trust of India largely deals with the mutual fund schemes and thereby popularly known as UTI Mutual Fund all over India. It is managed by UTI Asset Management Company Private Limited which was established on January 14, 2003.

UTI Asset Management Company Private Limited has been constituted by the UTI Trustee Company Private Limited for dealing with various schemes developed by UTI mutual fund and also the schemes that are transferred by the UTI mutual fund as well.

The business services of UTI mutual fund that does not include fund management services get a good deal of professional back office support from the UTI Tower, the registered office of UTI Asset Management Company Private Limited which is located at Mumbai (India). This will correspond with the provisions of Investment Management Agreement, the Trust Deed, the SEBI (Mutual Funds) Regulations and the objectives that are being adopted by various schemes.

Unit Trust of India came into effect from 1st February, 2003. The UTI Mutual Fund has gained fame for designing a set of schemes applicable to every class of citizens in India. The Unit Trust of India has a number of service centers all across the globe that comprise of 70 UTI Financial Centers and UTI International offices in Dubai, London, and Bahrain. The Bank of Baroda, Punjab National Bank, and Life Insurance Corporation of India are the major sponsors of UTI Mutual Fund. The establishment of Unit trust of India actually heralded the scheme of mutual fund schemes in India. In 1964, UTI Mutual Fund introduced a flagship scheme US-64 and became the conventional term for mutual fund services in India.

Unit Trust of India was about to face a major collapse in 2001 just before the government of India removed it and reconstituted the mutual fund scheme. However, through professional management, UTI Mutual Fund redeemed its tempo once again and achieved a booming market thereafter. UTI Mutual Fund is the largest mutual fund service provider in India and possess assets of around ` 35,028 crore as has been calculated in 2006. Unit Trust of India was initially segregated into two broad divisions namely UTI Mutual Fund and a nominal project of the same. But later on UTI Mutual Fund was taken over by SEBI Regulations while the other division was kept under direct government. At present, Unit Trust of India is governed by Mr. U.K Sinha who is also the chairman and managing director of the company.