Marking a major milestone in India’s financial history, the Unit Trust of India (UTI) launched the country’s first offshore mutual fund in 1986, paving the way for Indian investment products to reach global markets.
Named the India Fund, it was listed on the London Stock Exchange (LSE) and targeted Non-Resident Indians (NRIs) and global investors interested in participating in the Indian growth story.
“UTI’s India Fund was a trailblazer — it gave global investors structured access to the Indian equity market at a time when the economy was just beginning to open up,” said a financial historian.
- Fund Name: The India Fund
- Launched by: Unit Trust of India (UTI)
- Year: 1986
- Listed on: London Stock Exchange (LSE)
- Objective: Provide offshore investors exposure to Indian equity markets
The India Fund laid the groundwork for subsequent foreign portfolio investments (FPI) and international mutual fund schemes, contributing significantly to the globalization of India’s capital markets.
With this bold step, UTI not only expanded its global footprint but also set a precedent for Indian asset management companies to launch offshore funds in jurisdictions like Luxembourg, Singapore, and the US in the years that followed.
