Mutual Funds
As seen from Table 10, the total resources mobilised by mutual funds during 1996-97 were lower at Rs. 4,777 crore, compared to Rs. 6,508 crore in previous year. UTI remained the largest mobiliser of funds having collected Rs. 4,204 crore from 7 new schemes. The balance was raised by other mutual funds through income, growth and tax savings schemes. One mutual fund launched the first money market scheme and several pension plans were under preparation. The performance of closed ended schemes remained poor, with most schemes trading at discounts to Net Asset Values. In the closing months of the 1996-97, there was a sense of revival in the industry.
Table 10 : Resources Mobilised by Mutual Funds
| Sector | Resources Mobilised (Rs. crore) |
Schemes Launched (Number) |
||
| 1995-96 | 1996-97 | 1995-96 | 1996-97 | |
| Public Sector MFs Private Sector MFs Unit Trust of India (UTI)* Total |
296 312 5,900 6,508 |
151 346 4,280 4,777 |
9 13 8 30 |
4 21 7 32 |
| *Figures for UTI include funds raised through sale of units of open ended schemes launched in the previous years. | ||||
The number of schemes filed with SEBI increased, and these were expected to come to the market in 1997-98. There was a shift to open ended schemes, as well as to fixed income schemes. As seen from Table 10, as of March 31, 1997 the total corpus of all 231 schemes of domestic mutual funds including the schemes of UTI but excluding redemptions/repurchase of units, stood at Rs.85,822 crore; out of which the corpus of 74 schemes of UTI alone stood at Rs.71,773 crore. Of the total corpus, Rs.31,938 crore were accounted for by 76 income schemes, Rs.15,174 crore by 63 growth schemes, Rs.33,214 crore by 30 income cum growth schemes, Rs.5,283 crore by 59 equity linked saving schemes and Rs.212 crore by 3 venture capital schemes.
Tables 10 and 11 give details of resources mobilised by schemes of mutual funds. As seen from the tables and Figures 6 and 7, UTI maintained its dominant position in the Indian mutual fund industry. The share of private sector mutual funds, which are late entrants to the industry, is still very low.