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

2 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 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

3 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 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)

4 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 2,983 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

5 40% A B 40% A B 2007 Autumn 180 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.

6 000 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 ( ) ( ) ( )

7 50 10% 2 ETF 10 10% 5,000 7 SEBI 6% 8 5000 10 9 10 70 9 SEBI 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 - Liberalisation 2007 9

8 26 RBI 7 ETF 8 1,000 2,500 9 183 V 80 National and Regional Distributors 3,000 IFA Independent Financial Advisors 40,000 10 IFA IFA IFA 9 FofF 10 10 40 70 SEBI 10 12% 31% 30%IFA27% 2006 6 Cerulli Associates 2007 Autumn 184 IFA IFA 1956 Non-banking

9 Financial Company 10 Birla Sunlife Distribution Co. Ltd Bajaj Capital Ltd IL&FS Investmart Post Office Savings Bank 2001 1 UTI ICICI SBI IFA 2003 SEBI AMFI AMFI Mutual Fund Advisors Module AMFI 11 IFA 2006 53,308 AMFI 12 10 11 AMFI AMFI Mutual Funds Basic Module 1999 12 1 185VI 2007 7 SEBI 32 11 1990 5 4% 34% 12 11 10% 1% 11 2007 7 SBI Funds Management Pvt.

10 , Asset Management Co. Investment Management Services Asset Management Co. Pvt. , LIC Mutual Fund Asset Management Co. , Benchmark Asset Management Co. Pvt. Cholamandalam Asset Management Asset Management (India) Pvt. , Asset Management Financial Asset Management Pvt. Mahindra Asset Management Co. , Asset Management Co. Pvt. Capital Asset Management , Asset Management Co. Pvt. Asset Management , Asset Management Co. AIG Global Asset Management Company (India) Pvt. Templeton Asset Management (India) Pvt. , Birla Sun Life Asset Management Co.