The concept of mutual funds in India dates back to the year 1963. The era between 1963 and 1987 marked the existence of only one mutual fund company in India with Rs. 67 billion in assets under management (AUM), by the end of its monopoly era, the Unit Trust of India (UTI). By the end of the 1980s, few other mutual fund companies in India took a position in the mutual fund market. The new entry of mutual fund companies in India were SBI Mutual Fund, Canbank Mutual Fund, Punjab National Bank Mutual Fund, Indian Bank Mutual. Fund, Bank of India Mutual Fund. The next decade showed a new horizon in the Indian mutual fund industry. At the end of 1993, the total AUM of the industry was Rs. 470.04 billion. Private sector funds have started to penetrate fund families. In the same year the first Mutual Funds Regulation came into force with the re-registration of all mutual funds with the exception of the UTI. The regulations were further revised in 1996. Kothari Pioneer was the first private sector mutual fund company in India which has now merged with Franklin Templeton. Soon after ten years of penetration by private sector players, the total assets rose to Rs. 1218.05 billion. Today there are 33 mutual fund companies in India. Top Mutual Fund Companies in India ABN AMRO Mutual Fund ABN AMRO Mutual Fund was established on 15 April 2004 with ABN AMRO Trustee (India) Pvt. Ltd. as the Trustee Company. AMC, ABN AMRO Asset Management (India) Ltd. was incorporated on 4 November 2003. Deutsche Bank AG is the custodian bank of the ABN AMRO Mutual Fund. Birla Sun Life Mutual Fund Birla Sun Life Mutual Fund is the joint venture of Aditya Birla Group and Sun Life Financial. Sun Life Financial is a global organization founded in 1871 and is represented in Canada, the United States, the Philippines, Japan, Indonesia and Bermuda in addition to India. Birla Sun Life Mutual Fund follows a conservative approach to long-term investments. It recently crossed AUM of Rs. 10,000 crores. Bank of Baroda Mutual Fund (BOB Mutual Fund) Bank of Baroda Mutual Fund or BOB Mutual Fund was established on 30 October 1992 under the patronage of Bank of Baroda. BOB Asset Management Company Limited is the AMC of BOB Mutual Fund and was incorporated on 5 November 1992. Deutsche Bank AG is the custodian bank. HDFC Mutual FundHDFC Mutual Fund was established on 30 June 2000 with two sponsors namely Housing Development Finance Corporation Limited and Standard Life Investments Limited.