Some information to know about Mutual fund

Vanathi (Programmer) (160 Points)

06 October 2009  


1.     Which was the first private mutual fund company in India?

The answer is Kothari Pioneer.
Private sector funds came up in 1993, also the year in which the first Mutual Fund Regulations came into being, under which all mutual funds, except the Unit Trust of India, were to be registered and governed. Kothari Pioneer, which has now merged with Franklin Templeton, was the first private sector mutual fund registered in July 1993.

2.     Samir Arora, who recently was banned by the Securities and Exchange Board of India, was a part of which mutual fund

The star fund manager of Alliance Capital, Samir Arora, was barred by the Securities and Exchange Board of India, from buying, selling or dealing in securities in any manner, directly or indirectly, after it charged him with insider trading.

3.     Which was the first public sector mutual fund to be set up after the Unit Trust of India?             

SBI Mutual Fund was the first non-UTI Mutual Fund and was started in June 1987, followed by Canbank Mutual Fund (December 1987) and Punjab National Bank Mutual Fund (August 1989). UTI came into being in 1963. By the end of 1993, which was the time when the private sector finally entered the business, the mutual fund industry had assets under management worth Rs 47,004 crore (Rs 470.04 billion).

4.     How many mutual funds are there in India today?

As at the end of June 30, 2003, there were 31 funds, which manage assets of Rs 1,04,762 crore (Rs 1,047.62 billion), under 376 schemes. With the bifurcation of the erstwhile Unit Trust of India and with the setting up of a UTI Mutual Fund, the mutual fund industry is seen to have entered a phase of consolidation and growth.

5.     HDFC Standard Life Mutual Fund recently bought out which of its competitors?

HDFC Standard Life Mutual Fund bought out Zurich in March 2003. Zurich was regarded to have the best set of top-performing schemes, especially in the equity schemes category. With the acquisition of Zurich, HDFC's assets under management will touch nearly Rs 10,000 crore (Rs 100 billion).