in which year did the government of india set up the first mutual fund | Examsbook

464

Q:
In which year did the Government of India set up the first mutual fund by an Act of Parliament?

1
1979
2
1982
3
1963
4
1971

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Answer : 3. "1963"
Explanation :
1. The mutual fund industry in India began in 1963 with the formation of UTI by an Act of Parliament in 1963 and functioned under the regulatory and administrative control of the Reserve Bank of India (RBI).
2. Unit Trust of India (UTI) was established by an Act of Parliament in 1963.
3. UTI is the first mutual fund company established in India.

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