Ch.3 · Sponsor, Trustee and AMC Roles · hard
What was the Unit Trust of India (UTI) and what happened to it?
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EXPLANATION
UTI was established by the UTI Act of Parliament in 1963 as India's first and only mutual fund until 1987. Following the US-64 crisis in 2001 (where NAV fell below face value due to poor governance), UTI was bifurcated in 2003: UTI Mutual Fund (regulated by SEBI, with four PSU sponsors) continues operations normally, while SUUTI (Special Undertaking of UTI) holds legacy assets being wound down by the government.
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