The mutual fund industry in India started in 1963 with the formation of Unit Trust of India, at the initiative of the Government of India and the Reserve Bank of India. Private sector entered mutual fund industry only in 1993 with Kothari Pioneer getting the license in July 1993 to operate in India. Since then, the industry has grown by leaps and bounds. Here we show you the biggest milestones in charts/numbers.
With only one AMC in 1963, the industry has grown sharply. In 1993, there were only nine AMCs. Within three years, number of AMCs rose to 26. At present, we have 43 AMCs.
Number of schemes have risen from 59 in 1993 to almost 2,000 mutual fund schemes in 2018. The schemes include all open-ended, close-ended and interval schemes.
The total assets under management for the industry has grown from Rs 47,004 crore at the end of 1993 to Rs 21.36 lakh crore in 2017-18. Mutual fund AUM had crossed the milestone of Rs 10 lakh crore for the first time in May 2014 and in a short span of about three years, the AUM size more than doubled and crossed Rs 20 lakh crore for the first time in August 2017.
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UTI started losing its share gradually to the private sector mutual funds. In 1993, UTI was the biggest player holding 82 per cent of the total assets in the industry. UTI’s share came down to around two per cent in 2002-03. In 2007-08, it was holding 8 per cent of the total AUM.
Investor accounts or folios have multiplied 1.6 times since March 2009 to 7.46 crore as on March 2018. Data prior to 2009 is not available. Do not mistake investor folios with number of investors. An investor can have more than one folio.
Source: Amfi
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