C] MUTUAL FUNDS

Total resources mobilised by the mutual funds during 1997-98 were higher at Rs.11,406 crore compared to Rs.10,097 crore in the previous year (Table II.15). Unit Trust of India remained the largest mobiliser of funds having collected Rs.9,100 crore from 11 new schemes and its oldest scheme US-64. However, the amount raised by the UTI declined from Rs.9,600 crore in 1996-97 to Rs.9,100 crore in 1997-98. The remaining amount was raised by other mutual funds though income, growth, and income & growth (balanced) schemes. In the last 4 months of 1997-98, there was a spurt of activity in the industry. There were 60 schemes which were filed with SEBI during 1997-98. Some of these schemes are expected to come to the market in the current year. More number of open ended schemes as well as fixed income schemes entered the market. As seen from Table II.16, as of March 31, 1998 the total corpus of all 259 schemes of domestic mutual funds including the schemes of UTI but excluding redemptions/repurchase of units, stood at Rs.97,228 crore; out of which the corpus of 85 schemes of UTI alone stood at Rs.80,874 crore. Of the total corpus, Rs.42,613 crore were accounted for by 94 income schemes, Rs.15,808 crore by 68 growth schemes, Rs.33,309 crore by 33 income cum growth schemes, Rs.5,286 crore by 61 equity linked saving schemes and Rs.212 crore by 3 venture capital schemes. The share of private sector mutual funds, as in the previous year, was greater compared to public sector mutual funds other than UTI in mobilising resources.

Table II.15: Resources mobilised by Mutual Funds for 1996-97 and 1997-98

 
p = provisional

Source: SEBI

Table II.16: Cumulative Resources mobilised by Mutual Funds(p)

(not including redemption/repurchase of units) (Rs. Crore)

p: provisional

Source: SEBI