インド投資信託業界の現状 - nicmr.com

1 2007 Autumn 174 1. 2. 2007 3 66% 3. 4. IFA 1/3 IFA 5. IFA 6. 7.

2 175I BRICs1 1 2 22,500 1994-95 2006-07 1 2003 Dreaming with BRICs.

3 The Path to 1 0%20%40%60%80%100%1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 3 Reserve Bank of India 2007 Autumn 176 II 2007 3 2 10 3 2 2005 2006 2 4 Association of Mutual Funds in India AMFI 2007 3 50% 50% 5 1999 2050 2 2007 9 18 2 1994-95 Standard Life Statistical Outline of India 2002-03 177 3 0500010000150002000025000300003500019992 000200120022003200420052006 Fof FEL S S

4 3 Association of Mutual Funds in India 4 -300-200-1000100200300400500200020012002 2003200420052006 10 MMF 3 2004 Cerulli Associates 5 2007 3 100100 Association of Mutual Funds in India 2007 Autumn 178 1964 1987 1963 Reserve Bank of India RBI Unit Trust of India UTI 1978 UTI RBI Development Bank of India UTI Unit Scheme 1964 1988 670 1987 1993 1987 1987 6 State Bank of India SBI UTI Canbank Mutual Fund 1987 12 Punjab National Bank Mutual Fund 1989 8 Indian Bank Mutual Fund 1989 11 Bank of India Mutual Fund 1990 6 Bank of Baroda Mutual Fund 1992 10

5 Life Insurance Corporation of India 1989 6 General Insurance Corporation of India 1990 12 1993 4,700 1993 2003 1993 1993 Securities and Exchange Board of India SEBI SEBI (Mutual Fund) Regulation 1993 UTI 1996 SEBI (Mutual Funds) Regulation 1996 SEBI 1993 7 Kothari Pioneer Franklin Templeton M&A 2003 1 33 12,180 UTI 4,454 2003 2003 2 Unit Trust of India Act 1963 UTI Specified Undertaking of the Unit Trust of India UTI Unit Scheme 1964 179 2003 1 2.

6 983 3 UTI Mutual Fund State Bank of India 4 SEBI SEBI UTI M&A 1990 III 1996 SEBI 6 Board of Trustees Asset Management Company 40% 5 SEBI SEBI SEBI Trust Deed 3 6 40% A B 40% A B 2007 Autumn 180

7 UTI UTI SEBI Indian Trusts Act Trustee Company 1956 SEBI Investment Management Agreement SEBI 2/3 SEBI 50% 1 IV 2006 Equity Linked Saving Scheme ELSS 4 66% 7 2000 ETF 5 SEBI 4 1.

8 000 80% 5 181 7 27% 36% 3% 29% 1%Fof F1%ELSS3% Association of Mutual Funds in India 2006 2 9,600 8 8 01002003004005006007008009001990 1992 1994 1996 1998 2000 2002 2004S&P CNX Nifty IndexBSE Sensitive Index Securities and Exchange Board of India 2007 Autumn 182 SEBI 6 ADR GDR

9 ( ) ( ) ( ) 50 10% 2 ETF 10 10% 5,000 7 SEBI 6% 8 5000 10 9 10 70 9 SEBI

10 6 SEBI Circular Investment in ADRs/GDRs/Foreign Securities and Overseas ETFs by Mutual Funds 2006 8 2 2007 5 14 Overseas Investment by Mutual Funds - Liberali