UTI Mutual Fund was carved out of the erstwhile Unit Trust of India (UTI) as a SEBI registered mutual fund from 1st February 2003. The Unit Trust of India (Transfer of undertaking & Repeal) Act 2002 was passed by the Parliament, paving way for the bifurcation of UTI into – Specified Undertaking of Unit Trust of India (SUUTI); and UTI Mutual Fund (UTIMF).
State Bank of India, Life Insurance Corporation of India, Bank of Baroda and Punjab National Bank are the sponsors of UTI Mutual Fund.
T Rowe Price Group Inc (TRP Group) through its wholly owned subsidiary T Rowe Price International Ltd. (TRP) has acquired a 26% stake in UTI Asset Management Company Limited (UTI AMC). TRP presently holds 23% stake in UTI AMC.
The sponsors are neither responsible nor liable for any loss resulting from the operation of the scheme beyond the contribution of Rs.10,000/- made by them towards setting up the Mutual Fund.