In a landmark event for India’s financial sector, Shyam Kothari, a visionary industrialist, launched Kothari Pioneer Mutual Fund in 1993, marking the beginning of private sector participation in the Indian mutual fund industry.

This was the first mutual fund set up in the private sector after the liberalization of the Indian economy. Until then, mutual fund operations in India were dominated by public sector entities like Unit Trust of India (UTI) and various public sector banks.

“With the launch of Kothari Pioneer, Shyam Kothari helped open the doors for innovation, competition, and investor-centric mutual fund services in India,” said a financial historian.

• Name: Kothari Pioneer Mutual Fund
• Founder: Shyam Kothari
• Year Launched: 1993
• Significance: First private sector mutual fund in India
• Legacy: Paved the way for entry of major global players and mutual fund expansion

Kothari Pioneer Mutual Fund later partnered with Franklin Templeton, and the entity evolved into what is today known as Franklin Templeton Investments India, one of the largest and most respected mutual fund houses in the country.

This pioneering move by Shyam Kothari laid the foundation for India’s robust and competitive mutual fund industry, which today manages trillions in assets and serves millions of investors across the nation.