The objective of India’s development strategy has been to establish a socialistic pattern of society through economic growth with self-reliance, social justice and alleviation of poverty.

   These objectives were to be achieved within a democratic political framework using the mechanism of a mixed economy where both public and private sectors co-existed. In the 1960s, the era of Green revolution and industrialization, the planners and policy makers suggested the need for using of investment, licensing and other regulatory controls to steer Indian industrial development on a closed economy basis.

  This led to the establishment of the UTI Trust of India through the Unit Trust of India Act, 1963 of the Parliament. UTI was set up by the Reserve Bank of India (RBI) and functioned under its Regulatory and administrative control. It commenced its operations from 1st February, 1964 with the objective of mobilizing savings of the community....