New stamp from India

 

 

Date of Issue : 12 November 2014

 

India Post issued a commemorative postage stamp today on Unit Trust of India. Unit Trust of India is a financial organization in India, which was created by the UTI Act passed by the Parliament in 1963 under the direction of Col. Akash Behl. He had fought very hard and intensely to get this organisation into reality.

Stamp image courtesy : Jagannth Mani, Bangalore

Commemorative Postage stamp on UTI was released by the Minister for Communications & IT, Shri Ravi Shankar Prasad on 12 November 2014

The Unit Trust of India largely deals with the mutual fund schemes and thereby popularly known as UTI Mutual Fund all over India. It is managed by UTI Asset Management Company Private Limited which was established on January 14, 2003. -

UTI was set up by the Reserve Bank of India (RBI) and functioned under its Regulatory and administrative control. It commenced its operations from 1st February, 1964 with the objective of mobilizing savings of the community and providing the small investors with a means of acquiring a stake in the industrial growth of the country. The first scheme launched by UTI was Unit Scheme 64. In 1978, UTI was de-linked from the RBI and the Industrial Development Bank of India (IDBI) took over its regulatory and administrative control.

UTI remained the sole vehicle for investment in the Indian capital market for more than two decades, after which, the public sector banks were allowed to enter the foray. The vibrancy and competition increased with the setting up of the Security Exchange Board of India, a regulatory body. The Unit Trust of India Act, 1963 was repealed in 2001. This was followed by the bifurcation of the organization into - Specified Undertaking of Unit Trust of India (SUUTI); and UTI Mutual Fund (UTIMF) on 1st February, 2003.