Here's a look at the major milestones in the history of the mutual industry.
1993
Sebi MF Regulations 1993 formulated
First private sector MF Kothari Pioneer registered in July 93
First open-ended scheme launched by a private sector player (Kothari )
1994
Morgan Stanley launched a fund on a “first-come, first -serve” basis leading to unprecedented response from investors.
Also, for the first time, lead managers were appointed for a mutual fund scheme
1995
Reliance Growth and Reliance Vision were the first schemes launched by an MF with “no load”
Incorporation of AMFI
First instance of a promoter misusing an MF comes to light. CRB mutual fund barred from launching new products
1996
Sebi MF Regulations substituted by a more comprehensive regulation, that is, Sebi MF Regulations, 1996
1997
First merger in the industry- HB Asset Management merged with Credit Capital Asset Management
1999
Union Budget 1999 made dividends tax-free in the hands of investors
2001
First ETF launched by Benchmark MF
2002
Registration of MF distributors made compulsory by AMFI
2003
UTI Act 1963 repelled and consequently UTI was bifurcated into two parts
2006
Sebi disallows open-ended funds from charging initial issue expenses to investors
2007
First gold ETF launched
2008
Sebi disallows amortisation of initial issue expenses in close-ended funds ; end of the NFO saga
KYC introduced for mutual fund investors investing more than Rs 50,000
2009
Sebi bans entry load on MF investments
Sebi introduces KYD for distributors
2012
Sebi implements steps to reenergise the MF industry- look beyond top 15 cities, single plan and additional expenses can be charged for monies mobilised beyond top 15 cities
