Economic historians are uncertain whether mutual funds (MFs) originated in Belgiumin 1822, or were first created by Dutch merchant Adriaan Van in 1774. The Massachusetts Investors Trust set up in 1924 started the first modern MF scheme.
In India, the concept of MF was introduced with the enactment of Unit Trust of India (UTI) Act in 1963. Subsequently, in 1987, public financial institutions, banks, Life Insurance Corporation and General Insurance Corporation were permitted to float MFs. In 1993, the private sector was allowed to join the industry. Kothari Pioneer was the first to float an MF scheme.
The
In India, the concept of MF was introduced with the enactment of Unit Trust of India (UTI) Act in 1963. Subsequently, in 1987, public financial institutions, banks, Life Insurance Corporation and General Insurance Corporation were permitted to float MFs. In 1993, the private sector was allowed to join the industry. Kothari Pioneer was the first to float an MF scheme.
The
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