On February 3, 2002, the country's first and largest mutual fund was re-born. Spun off from the 39-year old institution, the Unit Trust of India, UTI Mutual Fund is a pure mutual fund with a corpus of over Rs 15,000 crore under the 47 net asset value-based Sebi compliant schemes.
Even as UTI Mutual Fund got rid of its historical baggage of assured return schemes, which have been the primary source of its problems in the bifurcation process, in the overall bargain it has lost out in some sense as its mammoth size, its key strength, stands halved.
With the fund now on a level playing field with other mutual funds, it faces a bigger challenge today than ever before