What Is The Full Form Of UTI In Income Tax?
UTI full form in income tax is Unit Trust of India. It was started by the government in the year 1963. It was established to offer an opening to the Indian small investors who longed to get into the capital markets of India. Over the years, UTI has grown into one of the key players in the mutual funds industry. UTI presents customers with a range of investment options that have been designed to cover all of their varied needs. After financial problems popped up in the year 2001, the corporation was divided into two: UTI Mutual Fund and the Specified Undertaking of the Unit Trust of India (SUUTI). Accordingly, UTI Mutual Fund finds itself under the market regulator SEBI, while SUUTI has been retained under the direction of the government.
UTI’s Financial Impact:
UTI has a crucial role in gathering savings and directing them into the Indian financial markets. This helps the economy grow and gives investors chances to make money from their investments.
History and Structure of UTI:
UTI was set up in the year 1963 to attract small investors’ savings. UTI came out with newer ideas to attract small savers, like the Unit Scheme 1964, which became very popular. Post the financial crisis in 2003, UTI was split into UTI Mutual Fund and SUUTI. UTI Mutual Fund is one of the country’s largest mutual fund companies today, with a business history of over 50 years. It has a wide network of branches and serves millions of investors all over the country.