THE UNIT TRUST OF INDIA (TRANSFER OF UNDERTAKING AND REPEAL) ACT, 2002 
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ARRANGEMENT OF SECTIONS 

Last updated: 29-6-2021 
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CHAPTER I 

PRELIMINARY 

SECTIONS 

1.  Short title and commencement. 
2.  Definitions. 

CHAPTER II 
TRANSFER AND VESTING OF THE UNDERTAKING OF TRUST IN THE SPECIFIED COMPANYAND 
TRANSFER AND VESTING OF THE SPECIFIED UNDERTAKING OF TRUST IN THE ADMINISTRATOR 

3.  Transfer of initial capital. 
4.  Undertaking of Trust to vest in specified company and specified undertaking of Trust to vest in 

Administrator. 

5.  General effect of vesting of undertaking or specified undertaking in specified company or 

Administrator. 

6.  Provisions in respect of officers and other employees of Trust. 

CHAPTER III 

APPOINTMENT OF ADMINISTRATOR TO MANAGE THE SPECIFIED UNDERTAKING OF THE TRUST 

7.  Appointment of Administrator to manage specified undertaking. 
8.  Administrator to vacate office. 

CHAPTER IV 

POWERS AND FUNCTIONS OF ADMINISTRATOR 

9.  Board of Advisers. 
10.  Powers and functions of Administrator. 
11.  Maintenance of accounts by Administrator. 

CHAPTER V 

MISCELLANEOUS 

12.  Concession, etc., to be deemed to have been granted to specified undertaking. 
13.  Tax exemption or benefit to continue to have effect. 
14.  Exemption from stamp duty. 
15.  Guarantee to be operative. 
16.  Protection of action taken in good faith. 

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SECTIONS 

17.  Shares, bonds, debentures and units to be deemed to be approved securities. 
18.  Substitution in every Act, rule, regulation or notification by specified company or Administrator 

in place of Trust. 

19.  Power of Central Government to alter Schedules I and II. 
20.  Power of Central Government to make Scheme. 
21.  Repeal and saving of Act 52 of 1963. 
22.  Act to have overriding effect. 
23.  Application of other laws not barred. 
24.  Power to remove difficulties. 
25.  Repeal and saving. 
SCHEDULE I. 
SCHEDULE II. 

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THE UNIT TRUST OF INDIA (TRANSFER OF UNDERTAKING AND 

REPEAL) ACT, 2002 

ACT 58 OF 2002 

An  Act  to  provide  for  the  transfer  and  vesting  of  the  undertaking  (excluding  the  specified 
undertaking) of the Unit Trust of India to the specified company to be formed and registered 
under the Companies Act, 1956, and the transfer and vesting of the specified undertaking of 
the Unit Trust of India in the Administrator and for matters connected therewith or incidental 
thereto and also to repeal the Unit Trust of India Act, 1963. 

BE it enacted by Parliament in the Fifty-third Year of the Republic of India as follows:— 

[17th December, 2002.] 

CHAPTER I 

PRELIMINARY 

1. Short title and commencement.—(1) This Act may be called the Unit Trust of India (Transfer of 

Undertaking and Repeal) Act, 2002. 

(2) It shall be deemed to have come into force on the 29th day of October, 2002. 

2. Definitions.—In this Act, unless the context otherwise requires,— 

(a)  “Administrator”  means  a  person  or  a  body  of  persons  appointed  as  Administrator  under 

section 7; 

(b)  “appointed  day”  means  such  date  as  the  Central  Government  may,  by  notification  in  the 

Official Gazette, appoint under section 4; 

(c)  “bank”  shall  have  the  meaning  assigned  to  it  in  clause  (d)  of  section  2  of  the  Recovery  of 

Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993); 

(d) “Development Bank” means the Industrial Development Bank of India established under the 

Industrial Development Bank of India Act, 1964 (18 of 1964); 

(e)  “financial  institution”  shall  have  the  meaning  assigned  to  it  in  clause  (h)  of  section  2of  the 

Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993); 

(f)  “Life  Insurance  Corporation  of  India”  means  the  Life  Insurance  Corporation  of  India 

established  under  sub-section  (1)  of  section  3  of  the  Life  Insurance  Corporation  Act,  1956                   
(31 of 1956); 

(g) “Schedule” means Schedules I and II to this Act; 

(h) “specified company” means a company to be formed and registered under the Companies Act, 
1956 (1 of 1956) and whose entire capital is subscribed by such financial institutions or banks as may 
be  specified  by  the  Central  Government,  by  notification  in  the  Official  Gazette,  for  the  purpose  of 
transfer and vesting of the undertaking; 

(i)  “specified  undertaking”  includes  all  business,  assets,  liabilities  and  properties  of  the  Trust 
representing and relatable to the schemes and Development Reserve Fund specified in the Schedule I; 

(j)  “State  Bank”  means  the  State  Bank  of  India  constituted  under  the  State  Bank  of  India  Act, 

1955 (23 of 1955); 

(k)  “Trust”  means  the  Unit  Trust  of  India  established  under  sub-section  (1)  of  section  3  of  the 

Unit Trust of India Act, 1963 (52 of 1963); 

(l) “undertaking” includes all business, assets, liabilities and properties of the Trust representing 

and relatable to the schemes and plans specified in the Schedule II; 

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(m) “unit” means a unit issued under a unit scheme made under section 21 of the Unit Trust of 

India Act, 1963 (52 of 1963). 

CHAPTER II 
TRANSFER AND VESTING OF THE UNDERTAKING OF TRUST IN THE SPECIFIED COMPANY AND  
TRANSFER AND VESTING OF THE SPECIFIED UNDERTAKING OF TRUST IN THE ADMINISTRATOR 

3. Transfer of initial capital.—(1) On the appointed day, the initial capital of the Trust, contributed 
by the Development Bank, the Life Insurance Corporation, the State Bank and the subsidiary banks and 
other institutions under sections 4 and 4A of the Unit Trust of India Act, 1963(52 of 1963), as it stood 
immediately  before  the  commencement  of  this  Act,  shall  stand  transferred  to,  and  vest  in,  the  Central 
Government. 

(2) The initial capital contributed by the Development Bank, the Life Insurance Corporation, the State 
Bank  and  the  subsidiary  banks  and  other  institutions  shall  be  refunded,  by  the  Central  Government,  to 
such extent as may be determined by it, having regard to the book value, the assets and liabilities of the 
Trust. 

4.Undertaking of Trust to vest in specified company and specified undertaking of Trust to vest 
in  Administrator.—(1)  On  such  date  as  the  Central  Government  may,  by  notification  in  the  Official 
Gazette, appoint, there shall be transferred to, and vest in,— 

(a) the specified company, the undertaking (excluding the specified undertaking) of the Trust for 
such  consideration and on such  terms  and  conditions as  may  be  mutually  agreed  upon  between  the 
Central Government and the subscribers to the capital of the specified company; 

(b) the Administrator, the specified undertaking of the Trust. 

(2)  The  decision  of  the  Central  Government,  as  to  whether  any  business,  assets,  liabilities  or 

properties represent or relate to the undertaking or specified undertaking, shall be final: 

Provided that any business, asset or property which is not represented or related to the undertaking or 

specified undertaking, shall vest in the Central Government. 

5.  General  effect  of  vesting  of  undertaking  or  specified  undertaking  in  specified  company  or 
Administrator.—(1)  The  undertaking  of  the  Trust  which  is  transferred  to,  and  which  vest  in,  the 
specified  company  or  the  specified  undertaking  of  the  Trust,  which  is  transferred  to,  and  vest  in,  the 
Administrator, as the case may be, under section 4, shall be deemed to include all business, assets, rights, 
powers,  authorities  and  privileges  and  all  properties,  movable  and  immovable,  real  and  personal, 
corporeal  and  incorporeal,  in  possession  or  reservation,  present  or  contingent  of  whatever  nature  and 
wheresoever  situate  including  lands,  buildings,  vehicles,  cash  balances,  deposits,  foreign  currencies, 
disclosed and undisclosed reserves, reserve fund, special reserve fund, benevolent reserve fund, any other 
fund,  stocks,  investments,  shares,  bonds,  debentures,  security,  management  of  any  industrial  concern, 
loans,  advances  and  guarantees  given  to  industrial  concerns,  tenancies,  leases  and  book-debts  and  all 
other rights and interests arising out of such property as were immediately before the appointed day in the 
ownership, possession or power of the Trust in relation to the undertaking or the specified undertaking, as 
the case may be, within or without India, all books of account, registers, records and documents relating 
thereto  and  shall  also  be  deemed  to  include  all  borrowings,  liabilities,  units  issued  and  obligations  of 
whatever kind within or without India then subsisting of the Trust in relation to such undertaking or the 
specified undertaking, as the case may be. 

(2) All contracts, deeds, bonds, guarantees, powers-of-attorney, other instruments(including all units 
issued  and  unit  schemes  formulated  by  the  Trust)  and  working  arrangements  subsisting  immediately 
before the appointed day and affecting the Trust shall cease to have effect or to be enforceable against the 
Trust  and  shall  be  of  as  full  force  and  effect  against  or  in  favour  of  the  specified  company  or  the 
Administrator, as the case may be, in which the undertaking or specified undertaking has vested by virtue 
of this Act and enforceable as fully and effectually as if instead of the Trust, the specified company or the 
Administrator, as the case may be, had been named therein or had been a party thereto. 

(3) All unit schemes taken by the Board of the Trust immediately before the commencement of this 
Act shall be deemed to have been taken by the specified company or the Administrator, as the case may 

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be, and all the units issued by the Trust under such scheme shall be deemed to be the units issued by the 
specified  company  or  the  Administrator,  as  the  case  may  be,  and  the  income  on  such  units  shall  be 
distributed  and  such  units shall  be  redeemed  or  purchased  by  them  in  the  same  manner  as  would  have 
been  done  by  the  Trust  had  the  undertaking  or  the  specified  undertaking  not  been  transferred  under 
section 4. 

(4) Any proceeding or cause of action pending or existing immediately before the appointed day by or 
against the Trust may, as from the appointed day, be continued and enforced by or against the specified 
company or the Administrator, as the case may be, in which the undertaking or specified undertaking has 
vested by virtue of this Act as it might have been enforced by or against the Trust if this Act had not been 
enacted and shall cease to be enforceable by or against the Trust. 

6.  Provisions  in  respect  of  officers  and  other  employees  of  Trust.—(1)  Every  officer  or  other 
employee of the Trust (except a trustee of the Board, the Chairman and executive trustee) serving in the 
employment immediately before the appointed day shall become, as from the appointed day, an officer or, 
as the case may be, other employee of the specified company and shall hold his office or service therein 
by  the  same  tenure,  at  the  same  remuneration,  upon  the  same  terms  and  conditions,  with  the  same 
obligations  and  with  the  same  rights  and  privileges as  to leave,  leave  fare  concession,  welfare  scheme, 
medical benefit scheme, insurance, provident fund, other funds, retirement, voluntary retirement, gratuity 
and other benefits as he would have held under the Trust if its undertaking had not vested in the specified 
company and shall continue to do so as an officer or, as the case may be, other employee of the specified 
company  or  until  the  expiry  of  a  period  of  six  months  from  the  appointed  day  if  such  officer  or  other 
employee opts not to continue to be the officer or other employee of the specified company within such 
period. 

(2) The  Administrator,  in consultation  with  the specified  company,  may  requisition,  the services  of 
such officers or other employees as it may deem fit, on such terms and conditions which may be mutually 
agreed upon between the Administrator and the specified company. 

(3)  Where  an  officer  or  other  employee  of  the  Trust  opts  under  sub-section  (1)  not  to  be  in 
employment or service of the specified company, such officer or other employee shall be deemed to have 
resigned. 

(4) Notwithstanding anything contained in the Industrial Disputes Act, 1947 (14 of 1947) or in any 
other law for the time being in force, the transfer of the services of any officer or other employee of the 
Trust to the specified company shall not entitle such officer or other employee to any compensation under 
this Act or under any other law for the time being in force and no such claim shall be entertained by any 
court, tribunal or other authority. 

(5) The officers and other employees who have retired before the appointed day from the service of 
the Trust and are entitled to any benefits, rights or privileges shall be entitled to receive the same benefits, 
rights or privileges from the specified company. 

(6) The trust of the provident fund or the gratuity fund of the Unit Trust of India and any other bodies 
created for the welfare of officers or other employees would continue to discharge their functions in the 
specified company as was being done hitherto in the Unit Trust of India and any tax exemption granted to 
the provident fund or the gratuity fund would continue to be applied to the specified company. 

(7) Notwithstanding anything contained in this Act or in the Companies Act, 1956 (1 of 1956) or in 
any other law for the time being in force or in the regulations of the Unit Trust of India, the Chairman, the 
trustees,  executive  trustee  or  any  other  person  entitled  to  manage  the  whole  or  substantial  part  of  the 
business and affairs of the Trust shall not been titled to any compensation against the Trust for the loss of 
office or for the premature termination of any contract of management entered into by him with the Trust. 

CHAPTER III 

APPOINTMENT OF ADMINISTRATOR TO MANAGE THE SPECIFIED UNDERTAKING OF THE TRUST 

7.  Appointment  of  Administrator  to  manage  specified  undertaking.—(1)  The  Central 
Government  shall,  on  and  from  the  appointed  day,  appoint  a  person  or  a  body  of  persons,  as  the 
“Administrator of the specified undertaking of the Unit Trust of India” for the purpose of taking over the 

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administration thereof and the Administrator shall carry on the management of the specified undertaking 
of the Trust for and on behalf of the Central Government. 

(2)  The  Central  Government  may  issue  such  directions  (including  directions  as  to  initiating, 
defending  or  continuing  any  legal  proceedings  before  any  court,  tribunal  or  other  authority)  to  the 
Administrator  as  to  his  powers  and  functions  as  that  Government  may  deem  desirable  and  the 
Administrator may apply to the Central Government at anytime for instructions as to the manner in which 
he shall conduct the management of the specified undertaking or in relation to any matter arising in the 
course of such management. 

(3) Subject to the other provisions of this Act and the Schemes made thereunder and the control of the 
Central Government, the Administrator shall be entitled, notwithstanding anything contained in any other 
law for the time being in force, to exercise, in relation to the management of the specified undertaking, 
the  powers  specified  under  section  10including  powers  to  dispose  of  any  property  or  assets  of  such 
specified undertaking whether such powers are derived under any law for the time being in force. 

(4) Every person having possession, custody or control of any property forming part of the specified 

undertaking of the Trust shall deliver forthwith such property to the Administrator. 

(5)  Any  person  who,  on  the  appointed  day,  has  in  his  possession  or  under  his  control  any  books, 
papers  or  other  documents  relating  to  the  specified  undertaking,  including  the minutes  book  containing 
the  resolutions  of  the  persons  in  charge  of  the  management  of  the  specified  undertaking  before  the 
appointed  day,  the  current  cheque  books  relating  to  the  specified  undertaking,  any  letters,  memoranda, 
notes or other communications between him and the Trust so far they relate to the specified undertaking 
shall, notwithstanding anything contained in any other law for the time being in force, be liable to account 
for  the  books,  papers  and  other  documents  (including  such  minutes  book,  letters,  memoranda,  notes  or 
other communications) to the Administrator. 

(6)  Any  person  in  charge  of  the  management  of  the  specified  undertaking  immediately  before  the 
appointed day shall, within ten days from that day or within such further period as the Central complete 
inventory  of  all  the  properties  and  assets  (including  particulars  of  book-debts  and  investments  and 
belongings) forming part of the specified undertaking immediately before the appointed day and of all the 
liabilities  and  obligations  of  such  specified  undertaking,  in  relation  to  its  administration,  subsisting 
immediately before that day, and also of all agreements relating to specified undertaking entered into by 
the Trust in relation to its administration and in force immediately before that day. 

(7) The Administrator shall receive from the funds of the specified undertaking such remuneration as 

the Central Government may fix. 

8. Administrator to vacate office.—(1) The Administrator shall, immediately on redemption of all 
the schemes of the specified undertaking and the payment of entire amount to investors, shall vacate his 
office; but nothing in this sub-section shall be construed as prohibiting his appointment as a member of 
the Board of Advisers after vacation of his office as such. 

(2) On the vacation of his office, the Administrator shall forthwith deliver, to the Central Government 
or  any  institution  or  officer  specified  by  it,  possession  of  all  assets  and  properties  representing  and 
relatable  to  the  specified  undertaking  which  are  in  his  possession,  custody  and  control  on  the  date 
immediately preceding the date on which he vacates his office as the Administrator. 

CHAPTER IV 

POWERS AND FUNCTIONS OF ADMINISTRATOR 

9.  Board  of  Advisers.—(1)  On  such  date  as  the  Central  Government  may,  by  notification  in  the 
Official  Gazette, appoint a  Board  of  Advisers  to  advise  and assist  the  Administrator  in carrying  on  the 
management of the specified undertaking. 

(2) The composition, term of office of the Advisers, the fees and allowances and other conditions of 
appointment,  disqualifications  for  being  an  Adviser,  filling  up  of  casual  vacancy  in  the  office  of  the 
Adviser, the meetings of the Board of Advisers, vacation and resignation of office of the Advisers, shall 
be such as may be specified in the Scheme made by the Central Government. 

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10.  Powers  and  functions  of  Administrator.—(1)  Subject  to  the  provisions  of  this  Act  and  the 
Scheme made thereunder, the Administrator may, on the advice of the Board of Advisers, transact any of 
the following kinds of business in India in relation to the specified undertaking only, namely:— 

(a) selling and purchasing units of the schemes specified in Schedule I; 

(b) investing in and acquiring, holding or disposing of securities and exercising and enforcing, all 
powers  and  rights  incidental  thereto  including  protection  or  realisation  of  such  investment  and  the 
taking over of the administration of any property offered as security for such investment; 

(c) granting of loans and advances upon the security of any movable or immovable property or 

otherwise; 

(d)  accepting,  collecting,  discounting,  re-discounting,  purchasing,  selling  or  negotiating  or 
otherwise  dealing  with,  any  bills  of  exchange,  hundies,  promissory  notes,  coupons,  drafts,  bill  of 
lading, railway receipts, warehouse receipts, documents of title to goods, warrants, certificates, scrips 
and other mercantile instruments; 

(e)  purchasing,  selling  or  issuing  participation  certificates  in  relation  to  any  loan  or  advance 
granted  by  any  public  financial  institution  or  scheduled  bank  or  such  other  institution  as  may  be 
specified by the Central Government; 

(f) keeping money on deposit with companies or other bodies corporate, scheduled banks or such 

other institutions as may be specified by the Central Government; 

(g) formulating in relation to any unit scheme specified in Schedule I,— 

(i) savings and life insurance plan or plans under which a person may acquire an interest in 
units in association with or as the agent of, the Life Insurance Corporation of India or the Central 
Government, but not including the life insurance business; 

(ii) savings and insurance plan or plans under which a person may acquire an interest in units 
in association with, or as the agent of, the General Insurance Corporation but not including the 
general insurance business; or 

(iii) any other plan or plans, under which a person may acquire an interest in units; 

(h)  acquiring  immovable  property  or  any  interest  therein,  the  development  (including 
construction)  and  sale  of  such  property  and  the  rendering  of  financial  and  other  assistance  to  any 
person for the acquisition of any immovable property or any interest therein and for the development 
(including construction) of such property; 

(i) providing leasing and hire purchase finance to persons, companies, and other bodies corporate; 

(j) providing merchant banking and investment advisory services; 

(k)  extending  investment  or  fund  or  portfolio  management  services  to  persons  resident  outside 

India; 

(l)  opening  of  an  account  or  the  making  of  an  agency  arrangement  with  a  banking  corporated 

outside India; 

(m)  buying  or  selling  of  or  entering  into  such  other  dealings  in,  foreign  exchange,  as  maybe 

necessary for the discharge of its functions; 

(n) doing any other kind of business connected with mobilisation of savings or investments which 

the Central Government may authorise; 

(o)  generally  doing  all  such  acts  and  things  as  may  be  incidental  to  or  consequential  upon  the 

discharge of its functions under this Act. 

(2) The Administrator shall, on and after the appointed day, neither formulate any new scheme nor 

issue any new unit, whether related to the undertaking or the specified undertaking or otherwise. 

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11.  Maintenance  of  accounts  by  Administrator.—(1)  The  Administrator  shall  maintain  separate 
accounts of each of the specified undertaking asset possession whereof has been taken by him, and shall 
cause to be made therein entries of all receipts and expenditure in respect thereof. 

(2) The separate accounts under sub-section (1) shall be maintained in such form and in such manner 

as may be specified by the Central Government. 

(3) The Central Government shall cause the accounts  maintained under this section to be inspected 

and audited at such intervals and by such persons as may be specified by it. 

CHAPTER V 
MISCELLANEOUS 

12. Concession, etc., to be deemed to have been granted to specified undertaking.—With effect 
from  the  appointed  day,  all  fiscal  and  other  concessions,  licences,  benefits,  privileges  and  exemptions 
granted to the Trust in connection with the affairs and business of the specified undertaking of the Trust 
under any law for the time being in force shall be deemed to have been granted in relation to the specified 
undertaking. 

13. Tax exemption or benefit to continue to have effect.—(1) Notwithstanding anything contained 
in the Income-tax Act, 1961 (43 of 1961) or any other enactment for the time being in force relating to tax 
or  income,  profits  or  gains,  no  income-tax  or  any  other  tax  shall  be  payable  by  the  Administrator  in 
relation to the specified undertaking  1[for the period beginning on the appointed day and ending on the 
2[31st day of March, 2023]] in respect of any income, profits or gains derived, or any amount received in 
relation to the specified undertaking. 

(2) The transfer and vesting of the undertaking or the specified undertaking in terms of section 4 shall 
not  be  construed  as  a  transfer  within  the  meaning  of  the  Income-tax  Act,  1961  (43  of  1961)  for  the 
purposes of capital gains. 

14.Exemption  from  stamp  duty.—Notwithstanding  anything  contained  in  the  Indian  Stamp  Act, 
1899 (2 of 1899), the transfer and vesting of the undertaking and the specified undertaking in terms of 
section 4 shall not be liable to the payment of any stamp duty under that Act. 

15. Guarantee to be operative.—Any guarantee given for or in favour of the Trust with respect to 
any  loan,  lease,  finance  or  other  assistance  shall  continue  to  be  operative  in  relation  to  the  specified 
undertaking managed by the Administrator. 

16. Protection of action taken in good faith.—No suit or other legal proceedings shall lie against 
the Central Government or the Administrator, Board of Advisers or any of the officers or other employees 
of the Central Government for any damage caused or likely to be caused by anything which is in good 
faith done or intended to be done under this Act. 
17.  Shares,  bonds,  debentures 

and  units 
securities.—Notwithstanding anything contained in any other law for the time being in force, the shares, 
bonds, debentures and units of the specified undertaking shall be deemed to be approved securities for the 
purposes of the Indian Trusts Act, 1882 (2 of 1882), the Insurance Act, 1938 (4 of 1938) 3***. 

to  be  deemed 

to  be 

approved                                   

18.  Substitution  in  every  Act,  rule,  regulation  or  notification  by  specified  company  or 
Administrator in place of Trust.—In every Act, rule, regulation or notification in force on the appointed 
day, for the words “Unit Trust of India”, wherever they occur, the words, brackets and figures “specified 
company  referred  to  in  the  Unit  Trust  of  India  (Transfer  of  Undertaking  and  Repeal)  Act,  2002”  or 
“Administrator of the specified undertaking of the Unit Trust of India referred to in the Unit Trust of India 
(Transfer of Undertaking and Repeal) Act, 2002”, as the case may be, shall be substituted. 

19. Power of Central Government to alter Schedules I and II.—(1) The Central Government may, 

by notification in the Official Gazette, alter Schedules I and II. 

(2) Every alteration made by the Central Government under sub-section (1) shall be laid, as soon as 
may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty 
days  which  may  be  comprised in  one session or  in  two  or  more  successive  sessions,  and if,  before  the 
expiry of the session immediately following the session or the successive sessions aforesaid, both Houses 

1. Subs. by Act 18 of 2008, s. 123, for “for a period of five years computed from the appointed day” (w.e.f. 1-2-2008). 
2. Subs. by Act 13 of 2021, s. 163, for “the 31st day of March, 2021” (w.e.f. 1-4-2021). 
3. The words and figures “and the Banking Regulation Act, 1949 (10 of 1949)” omitted by Act 4 of 2013, the Schedule and s. 17 
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agree in making any modification in the alteration, or both Houses agree that the alteration should not be 
made, the alteration shall thereafter have effect only in such modified form or be of no effect, as the case 
may be; so, however, that any such modification or annulment shall be without prejudice to the validity of 
anything previously done under that alteration. 

20.  Power  of  Central  Government  to  make  Scheme.—(1)  The  Central  Government  may,  by 

notification in the Official Gazette, make a Scheme for carrying out the provisions of this Act. 

(2) In particular, and without prejudice to the generality of the foregoing power, the said Scheme may 

provide for all or any of the following matters, namely:— 

(a)  the  manner  in  which  the  specified  undertaking  and  schemes  and  assets  and  investments 

specified in Schedule I shall be managed; 

(b) the term of office of the Advisers, the fee and allowances and other conditions of appointment 
of the Advisers, disqualifications for being an Adviser, filling up of casual vacancy in the office of 
Adviser, the meetings of Board of Advisers, vacation and resignation of office of the Advisers; 

(c) the manner of payment of consideration for which the undertaking shall be transferred to the 

specified company; 

(d) the assets representing and relatable to the undertaking and the specified undertaking; and 

(e) such incidental, consequential and supplemental matters as may be necessary to carry out the 

provisions of this Act. 

(3) Every Scheme made under sub-section (1) shall be laid, as soon as may be after it is made before 
each House of Parliament, while it is in session, for a total period of thirty days which may be comprised 
in one session or in two or more successive sessions and if before the expiry of the session immediately 
following the session or the successive sessions aforesaid, both Houses agree in making any modification 
in  the  Scheme  or  both  Houses  agree  that  the  Scheme  should  not  be  made,  the  Scheme  shall  thereafter 
have effect only in such modified form or be of no effect, as the case may be; so, however, that any such 
modification or annulment shall be without prejudice to the validity of anything previously done under 
that Scheme. 

21. Repeal and saving of Act 52 of 1963.—(1) On the appointed day, the Unit Trust of India Act, 
1963 (52 of 1963) shall stand repealed and the Board of trustees referred to in section 10 of the said Act 
(herein after referred to as the repealed Act) shall stand dissolved. 

(2) On the dissolution of the said Board, the person appointed as the Chairman of the Board and every 
other person appointed as the trustee and executive trustee and holding office as such immediately before 
such date shall vacate their respective office. 

(3) Notwithstanding such repeal, anything done or any action taken or purported to have been done or 
taken including any rule, regulation, notification, scheme, inspection, order or notice made or issued or 
any appointment, confirmation or declaration made or any permission, authorisation or exemption granted 
or any document or instrument executed or any direction given under the Act hereby repealed shall, in so 
far as it is not inconsistent with the provisions of this Act, be deemed to have been done or taken under 
the corresponding provisions of this Act. 

(4) Notwithstanding the repeal of the Unit Trust of India Act, 1963 (52 of 1963), the Administrator 
shall, so far as may be, comply with the provisions of Chapter VI of the Act so repealed for any of the 
purposes related to the annual accounts and audit of the Trust. 

22.  Act  to  have  overriding  effect.—The  provisions  of  this  Act  shall  have  effect  notwithstanding 
anything  in  consistent  therewith  contained  in  any  enactment  other  than  this  Act  or  in  any  instrument 
having effect by virtue of any enactment other than this Act. 

23. Application of other laws not barred.—The provisions of this Act shall be in addition to, and 

not in derogation of the provisions of any other law for the time being in force. 

24. Power to remove  difficulties.—(1)  If  any  difficulty  arises  in  giving  effect to  the  provisions  of 
this Act, the Central Government may, by order published in the Official Gazette, make such provisions, 

9 

 
not in consistent with the provisions of this Act as appear to it to be necessary or expedient for removing 
the difficulty: 

Provided that no order shall be made under this section after the expiry of two years from the date of 

commencement of this Act. 

(2) Every order made under this section shall, as soon as may be after it is made, be laid before each 

House of Parliament. 

25.  Repeal  and  saving.—(1)  The  Unit  Trust  of  India  (Transfer  of  Undertaking  and  Repeal) 

Ordinance, 2002 (5of 2002) is hereby repealed. 

(2)  Notwithstanding  the  repeal  of  the  Unit  Trust  of  India  (Transfer  of  Undertaking  and  Repeal) 
Ordinance,  2002  (5  of  2002),  anything  done  or  any  action  taken  under  the  said  Ordinance,  shall  be 
deemed to have been done or taken under the corresponding provisions of this Act. 

10 

 
 
 
SCHEDULE I 

[See sections 2(g), 2(i) and 19] 

PART I 

SCHEMES 

1. 

2. 

3. 

4. 

5. 

6. 

7. 

8. 

9. 

10. 

11. 

12. 

13. 

14. 

15. 

The Unit Scheme, 1964 published on May 30, 1964, in the Gazette of India, Part III, Section 4, 
dated the 30th May, 1964. 

The Children's Gift Plan-1970 published on December 11, 1971, in the Gazette of India, Part III, 
Section 4. 

The Children's Gift Growth Fund Unit Scheme, 1986 published on April 19, 1986, in the Gazette 
of  India,  Part  III,  Section  4,  vide  No.  UT/392/DPD(P&R)  3B/Vol.  I/85-86,dated  the  3rd  April, 
1986. 

The  Bhopal  Gas  Victims-Monthly  Income  Plan-1992  (BGVMIP)  published  on  September  18, 
1993,  in  the  Gazette  of  India,  Part  III,  Section  4,  vide  No.  UT/DBDM/360A/SPD-174/93-94, 
dated the 13th August, 1993. 

The Rajlakshmi Unit Scheme (II) published on August 27, 1994, in the Gazette of India, Part III, 
Section 4, vide No. UT/DBDM/140A/SPD55/93-94, dated the 29th July, 1994. 

The Monthly Income Plan, 1997 (IV) published on November 2, 1997, in the Gazette of India, 
Part III, Section 4, vide No. UT/DBDM/SPD-71-R/R-97-98, dated the 23rdOctober, 1997. 

The Institutional Investors’ Special Fund Unit Scheme, 1997 (II) published on February 21,1998, 
in the Gazette of India, Part III, Section 4, vide No. UT/DBDM/R-96/SPD89C/97-98, dated the 
5th January, 1998. 

The  Monthly  Income  Plan,  1997  (V)  published  on  February  21,  1998,  in  the  Gazette  of  India, 
Part III, Section 4,vide No. UT/DBDM/R-95/SPD71S/97-98, dated the 12thJanuary, 1998. 

 The  Monthly  Income  Plan  1998  published  on  April  4,  1998,  in  the  Gazette  of  India,  Part  III, 
Section 4, vide No. UT/DBDM/R-104/SPD71T/97-98, dated the 5th March, 1998. 

The Institutional Investors' Special Fund Unit Scheme 1998 (IISFUS' 98) published on May 23, 
1998,  in  the  Gazette  of  India,  Part  III,  Section  4,  vide  No.  UT/DBDM/SPD-89-D/R-III/97-98, 
dated the 27th April, 1998. 

The UTI/NRI Fund (UNF) published on June 13, 1998, in the Gazette of India, Part III, Section 
4, vide No. UT/NRI/R-113/N-52/97-98, dated the 15th May, 1998. 

The Monthly Income Plan 1998 (II) published on August 1, 1998, in the Gazette of India, Part III, 
Section 4, vide No. UT/DBDM/R-119/SPD-71U/ 97-98, dated the 29thJune, 1998. 

The Monthly Income Plan (III) published on September 5, 1998, in the Gazette of India, Part III, 
Section 4, vide No. UT/DBDM/R-125/SPD-71-V/ 98-99, dated the 7thAugust, 1998. 

The Monthly Income Plan (IV) published on February 27, 1999, in the Gazette of India, Part III, 
Section 4, vide No. UT/DBDM/R-160/SPD-71W/ 98-99, dated the 28thJanuary, 1999. 

The Monthly Income Plan 1998 (V) published on March 6, 1999, in the Gazette of India, Part III, 
Section 4, vide No. UT/DBDM/R-101 /SPD-71X/98-99, dated the 28th January, 1999. 

11 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
16. 

17. 

18. 

19. 

20. 

21. 

22. 

23. 

24. 

25. 

The Children's Gift Growth Fund Unit Scheme 1999, published on May 29, 1999, in the Gazette 
of India, Part III, Section 4, vide No. UT/DBDM/R-175/SPD55/98-99, dated the29th May, 1999. 

The  Institutional  Investors'  Special  Fund  Unit  Scheme  1998  (II)  published  on May  29,1999, in 
the Gazette of India, Part III, Section 4,  vide No. UT/ DBDM/R/SPD/98-99 vide dated the 31st 
March, 1999. 

The  Rajlakshmi  Unit  Plan  1999  published  on  May  29,  1999,  in  the  Gazette  of  India,  Part  III, 
Section 4, vide No. UT/DBDM/R-175/SPD-59A/98-99. 

The  Monthly  Income  Plan  1999  published  on  June  12,  1999,  in  the  Gazette  of  India,  Part  III, 
Section 4, vide No. UT/DBDM/R-179/SPD-71-Y/98-99, dated the 5th May, 1999. 

The  Special  Unit  Scheme-1999  formulated  in  pursuance  of  agreement  between  Government  of 
India and Unit Trust of India signed on 22nd July, 1999. 

 The Monthly Income Plan 1999 (II) published on January 22, 2000, in the Gazette of India, Part 
III, Section 4, vide No. UT/DBDM/R-224/SPD-71-Z/ 99-2000, dated the 30th December, 1999. 

The  Monthly  Income  Plan  2000  published  on  April  15,  2000,  in  the  Gazette  of  India,  Part  III, 
Section 4, vide No. UT/DBDM/SPD-119-A/R-235/99-2000, dated the 14th March, 2000. 

The  Monthly  Income  Plan  2000  (Second)  published  on  September  9,  2000,  in  the  Gazette  of 
India, Part III, Section 4, vide No. UT/DBDM/SPD-119-B/ R-7/99-2000, dated the 10th August, 
2000. 

The  Monthly  Income  Plan  2001  published  on  May  12,  2001,  in  the  Gazette  of  India,  Part  III, 
Section 4, vide No. UT/DBDM/R-69/SPD-119-D/2000-2001, dated the 9th April, 2001. 

The Monthly Income Plan 2000 (Third) published on January 13, 2001, in the Gazette of India, 
Part  III,  Section  4,  vide  No.  UT/DBDM/SPD-119-C/R15/2000-2001,  dated  the14th  November, 
2000. 

PART II 

ASSETS AND INVESTMENTS 

26. 

All  assets  and  investments  made  out  of  the  Development  Reserve  Fund  created  in  1984  under                 
sub-section (1) of section 25B of the Unit Trust of India Act, 1963 (52 of1963). 

12 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SCHEDULE II 

[See sections 2(g), 2(l) and 19] 

SCHEMES AND PLANS 

1. 

2. 

3. 

4. 

5. 

6. 

7. 

8. 

9. 

10. 

11. 

12. 

The Mutual Fund (Subsidiary) Unit Scheme, 1986 published on October 25, 1986, in the Gazette 
of India, Part III, Section 4,  vide  No. 158/DPD (P&R) 100/Vol. I/86-87 dated the 9th October, 
1986. 

The  Capital  Growth  Unit  Scheme,  1992  (Master  gain  92)  published  on  July  4,1992,  in  the 
Gazette  of  India,  Part  III,  Section  4,vide  No.  UT/  DBDM/  1144/  SPD-185/91-92dated  the  8th 
June, 1992. 

The Housing Unit Scheme-1992 published in the Gazette of India, Part III, Section 4, vide No. 
UT/DBDM/ 155A/SPD-184/92-93 dated August 8, 1992. 

The Unit Scheme 1992 published on April 17, 1993, in the Gazette of India, Part III, Section 4, 
vide No. UT/DBDM/2044A/SPD-61/92-93. 

The  Master  Equity  Plan-1993  published  on  July  17,  1993,  in  the  Gazette  of  India,  Part  III, 
Section 4, vide No. UT/DBDM/2454A/SPD-74A/92-93. 

The  Senior  Citizens  Unit  Plan  published  on  August  28,  1993,  in  the  Gazette  of  India,  Part  III, 
Section 4, vide No. UT/DBDM/393A/SPD-60/93-94 dated the 18th August, 1993. 

The Equity Linked Savings Unit Scheme-1994 (ELSS 94) published on February 12, 1994, in the 
Gazette  of  India,  Part  III,  Section  4,  vide  No.  UT/DBDM/R96A/SPD74B/93-94  dated  the  11th 
January, 1994. 

The Growing Corpus Growing Income Scheme-1994 (GCGI 94) published on April 2, 1994, in 
the Gazette of India, Part III, Section 4, vide No. UT/DBDM/1704A/SPD-78/93-94 dated the 7th 
March, 1994. 

The Grihalakshmi Unit Scheme 1994 (GUS 1994) published on August 20, 1994, in the Gazette 
of India, Part III, Section 4, vide No. UT/DBDM/76A/ SPD-68/93-94.  

The Equity Linked Savings Unit Scheme 1995 (ELSS 95) published on February 11,1995, in the 
Gazette  of  India,  Part  III,  Section  4,  vide  No.  UT/DBDM/680A/SPD/74C/94-95  dated  the  10th 
January, 1995. 

The Primary Equity Fund published on June 3, 1995, in the Gazette of India, Part III, Section 4, 
vide No. UT/DBDM/ 1109A/SPD-85 /94-95 dated the 2nd May, 1995. 

The Master Equity Plan 1996 published on December 23, 1995, in the Gazette of India, Part III, 
Section 4, vide No. UT/DBDM/431A/SPD-74D/ 95-96 dated the 30thNovember, 1995. 

13 

 
 
 
 
 
13. 

14. 

15. 

16. 

17. 

18. 

19. 

20. 

21. 

22. 

23. 

24. 

25. 

26. 

27. 

28. 

The Grandmaster Unit Scheme 1993 published on January 25, 1997, in the Gazette of India, Part 
III, Section 4, vide No. UT/DBDM/R-172/SPD-77/96-97 dated the 9th December, 1996. 

The  Master  Equity  Plan  1997  published  on  January  25,  1997,  in  the  Gazette  of  India,  Part  III, 
Section 4, vide No. UT/DBDM/R173/SPD-74-E/96-97 dated the 23rd December, 1996. 

The UTI Money Market Fund (A MONEY MARKET MUTUAL FUND) published on July 26, 
1997, in the Gazette of India, Part III, Section 4, vide No. UT/DBDM/SPD-93/R-223/96-97 dated 
the 24th June, 1997. 

The Master Equity Plan 1998 published on February 21, 1998, in the Gazette of India, Part III, 
Section 4, vide No. UT/DBDM/R-96/SPD-74F/97-98 dated the 5th January, 1998. 

The Unit Growth  Scheme 10,000 published on June 27, 1998, in the Gazette of  India, Part III, 
Section 4. 

The  UTI-Bond  Fund  published  on  August  8,  1998,  in  the  Gazette  of  India,  Part  III,  Section  4, 
vide No. UT/DBDM/R-121/SPD-102/97-98 dated the 14th July, 1998. 

The  UTI-Small  Investors’ Fund  published  on  August  8,  1998,  in the  Gazette  of  India,  Part  III, 
Section 4, vide No. UT/DBDM/R-181/SPD-98/97-98 dated the 14th July, 1998. 

The Master Value Unit Plan 1998 published on August 8, 1998, in the Gazette of India, Part III, 
Section 4, vide No. UT/DBDM/SPD-107/R-121/97-98 dated the 14th July, 1998. 

The Master Index Fund published on August 15, 1998, in the Gazette of India, Part III, Section 4, 
vide No. UT/DBDM/SPD-108/R-122/97-98 dated the 17th July, 1998. 

The Master share Plus Unit Scheme 1991 published on April 24, 1999, in the Gazette of India, 
Part III, Section 4, vide No. UT/DBDM/R-171/SPD-172/ 98-99 dated the 30th March, 1999. 

The  Master  Equity  Plan  1999  published  on  May  29,  1999,  in  the  Gazette  of  India,  Part  III, 
Section 4, vide No. UT/DBDM/R/SPD-74G/98-99 dated the 7th April, 1999. 

The  UTI  Growth  Sectors  Fund  (UTI  -  GSF)  published  on  August  28,  1999,  in  the  Gazette  of 
India, Part III, Section 4, vide No. UT/DBDM/SPD-112/R194A/98-99 dated the 27th July, 1999. 

The UTI G-Sec. Fund published on December 18, 1999, in the Gazette of India, Part III, Section 
4, vide No. UT/DBM/R/SPD-114/99-2000 dated the 18th November, 1999. 

The UTI Equity Tax Savings Plan published on March 18, 2000, in the Gazette of India, Part III, 
Section 4, vide No. UT/DBD/R-SPD-117/99-2000 dated the 9th February, 2000. 

The Master growth Unit Scheme-1993 published on May 20, 2000, in the Gazette of India, Part 
III, Section 4, vide No. UT/DBDM/R-238 /SPD-118/ 99-2000 dated the 17th April, 2000. 

The Nifty Index Fund (NIF) published on May 20, 2000, in the Gazette of India, Part III, Section 
4, vide No. UT/DBDM/R-239/SPD -120/99-2000 dated the 17th April, 2000. 

14 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
29. 

30. 

31. 

32. 

33. 

34. 

35. 

The  Unit  Scheme  1995  (US-95)  published  on  June  3,  2000,  in  the  Gazette  of  India,  Part  III, 
Section 4, vide No. UT/DBDM/R-241/SPD-84/99-2000 dated the 3rd May, 2000. 

The  Index  Select  Equity  Fund  published  on  March  17,  2001,  in  the  Gazette  of  India,  Part  III, 
Section 4, vide No. UT/DBDM/R-62/SPD-96/2000-2001 dated the 12thFebruary, 2001. 

The Unit Scheme for Charitable and Religious Trusts and Registered Societies, 1981published on 
April  28,  2001,  in  the  Gazette  of  India,  Part  III,  Section  4,  vide  No.  UT/DBDM/R-65/SPD-
53/2000-2001 dated the 20th March, 2001. 

The Unit Linked Insurance Plan 1971 published on May 19, 2001, in the Gazette of India, Part 
III, Section 4, vide No. UT/DBDM/R-7/SPD-52/2000-2001 dated the 24th April, 2001. 

The Children's Career Plan (CCP) published on May 12, 2001, in the Gazette of India, Part III, 
Section 4, vide No. UT/DBDM/R-69/SPD-64/2000-2001 dated the 9th April, 2001. 

The UTI-Mahila Unit Scheme (MUS) published on June 16, 2001, in the Gazette of India, Part 
III, Section 4, vide No. UT/DBDM/R/SPD-68-A/20002001 dated the 11thMay, 2001. 

The Retirement Benefit Plan (RBP) published on August 10, 2002, in the Gazette of India, Part 
III, Section 4, vide No. UT/DBDM/R-47/SPD-66/ 2001-2002 dated the 25thJuly, 2002. 

36. 

The UTI Regular Income Scheme. 

37. 

The India Fund Unit Scheme 1986. 

38. 

The India Access Fund Unit Scheme 1996. 

39. 

The India Information Technology Fund Unit Scheme 1997. 

40. 

The India Infrastructure Fund Unit Scheme 1999. 

41. 

The India Media, Internet and Communication Fund Unit Scheme 2000. 

42. 

The Variable Investment Scheme 2002. 

43. 

The Unit Scheme 2002. 

15 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
