The Unit Trust of India alone collected Rs 2,119 crore against a negative mobilisation of Rs 3,043 crore by it in 1996-97. Other public sector mutual funds collected Rs 529 crore, an increase of 182 per cent against Rs 187 crore mobilised in 1996-97. But private sector mutual funds reported a 24.8 per cent fall in the amount mobilised to Rs 658 crore in 1997-98 from Rs 875 crore the previous year.

The total corpus of the mutual funds industry in India (259 schemes) as on March 31, 1998, stood at Rs 97,228 crore. Of this, UTI alone, with85 schemes, accounted for Rs 80,874 crore, or 83.2 per cent of the total corpus. UTI accounted for 55 per cent of the resources mobilised, with a high 91.9 per cent coming under the income schemes.

There is also a noticeable slant among private sector mutual fund schemes towards equities. They have a significant presence under growth schemes, accounting for 39.7 per cent of the total number of such schemes. Bank-sponsored mutual funds have a significant presence in equity-linked saving schemes (ELSS), accounting for about 30 per cent of the total mobilisation by them.

During the year, only two new private sector mutual funds launched their maiden schemes, taking the total number of mutual funds (including UTI) registered with Sebi to 34 as on March 31, 1998. In all 26 new schemes, excluding UTI's, were launched during the year by mutual funds.

Three new offshore funds were launched in the previous year. India Debt Fund--a 100 per cent debt fund, the India PSU Fund, and an equity fund for investingpredominantly in the information technology sector. During the year, UTI mobilised over Rs 500 crore from the offshore markets.