After independence, the Indian economy and the Indian Capital Market in particular, have recorded growth during the decades of eighties and nineties. As the country’s first mutual fund established by the Government of India, Unit Trust of India had played a very important and supportive role in this process. As a pioneer institution, UTI came out with several schemes as per the needs of investors and to mobilize larger household savings in keeping view of to invest in the industrial sectors. UTI had also launched many offshore funds which guarantee higher returns. Unit Trust of India was set up in 1964 under Unit Trust of India Act, 1963. The objective of UTI was “… to encourage savings and investment and participation in the income, profit and gains accruing…from the acquisition¸ holding management and disposal of securities.” Earlier UTI was giving higher returns to its investors. But in 2002, in a turbulent  market it could not stood up to its promise of  higher returns to its flagship scheme Unit Scheme 1964(US-64) investors and there was a big gap between face value and NAV value of the scheme. The crisis became uncontrollable for the UTI and then Government of India had intervened the situation and brought bailout packages for the benefits of investors. On 15^th Jan., 2003, the Government of India signed an agreement with four sponsors SBI, PNB, BOB and LIC to operate the Unit Trust of India (Transfer of Undertaking and Repeal) Act 2002. As per the Repeal Act 22 schemes (all assured schemes) are transferred and vested in an administrator and 47 NAV based schemes are managed by UTI Mutual Fund which functions under SEBI guidelines. The present study is related to an impact of these changes on working performance of UTI Mutual Fund. The present study will cover all the schemes of UTI Mutual Funds including offshore funds. Chi- Square test (  -test) has been used to ascertain that  investible funds, rate of returns, reserves and surplus and gross income/revenues of UTI Mutual Fund are more reasonably increased during the period from 2013-14 to 2017-18 due to Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002.

KEYWORDS:  Capital Market Pioneer institution, SEBI, Offshore Fund, NAV, Turbulent  Market.