India’s Mutual Fund Industry Began With One Institution – Here’s The Story

India’s mutual fund industry has grown by leaps and bounds in the past decade. It’s assets under management currently stand at close to `38 lakh crore. With investors pumping in close to `12,000 crore every month into mutual fund schemes through the trusted systematic investment plan route, the industry is projected to continue to grow at a break-neck speed.The story of the mutual fund industry began with one institution in 1963 – the Unit Trust of India. It was created by an act of parliament and functioned under the administrative control of the Reserve Bank of India. But it was not until the founding of the Securities and Exchange Board of India and improved regulations for the capital markets that the rate of growth truly accelerated.Here’s how the mutual fund industry in India grew and emerged as a sunrise sector.