Indian Bare Acts

Search Alphabatically :

THE UNIT TRUST OF INDIA ACT, 1963

Title : THE UNIT TRUST OF INDIA ACT, 1963

Year : 1963

(Act No. 52 of 1963)
[30th December, 1963]



PREAMBLE

An Act to provide for the establishment of a Corporation with a view to encouraging saving and investment and participation in the income, profits and gains accruing to the Corporation from the acquisition, holding, management and disposal of securities
Be it enacted by Parliament in the Fourteenth Year of the Republic of India as follows:



(1) This Act may be called the Unit Trust of India Act, 1963.

(2) It extends to the whole of India.

(3) It shall come into force on such date1*as the Central Government may, by notification In the official Gazette, appoint.

-------------------------------------------------------------------------------------------------------------------------------------------------------

1. 1st February, 1964; vide Notification No. G.S.R. 172, dated 31st January, 1964, published in the Gazette of India, Extraordinary, Part II, Section 3 (i), p. 47.

-------------------------------------------------------------------------------------------------------------------------------------------------------



In this Act, unless the context otherwise requires,-

(a) "Board" means the Board of Trustees constituted under Section 10 or Section 41;

(b) "Contributing Institutions" means an institution which is, for the time being, a contributory to the initial capital of the Trust under Section 4;

(c) "Contribution certificate" means a certificate issued under Section6;

1*[(ca) "Development Bank" means the Industrial Development Bank of India established under the Industrial Development Bank of India Act, 1964 (18 of 1964)]:

2*[(cb)] "First unit scheme" means the unit scheme made before the commencement of the Unit Trust of India (Amendment) Act, 1966];

3*[(cc) "General Insurance Corporation" means the General Insurance Corporation of India formed under Section 9 of the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972)];

(d) "Initial capital" means the capital of the Trust referred to in Section4;

(e) "Life Insurance Corporation" means the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956 (31 of 1956);

(f) "Prescribed" means prescribed by regulations made under this Act;

3*[(fa) "Public financial institution" means every financial institution, other than the Trust, specified by or under Seq. 4-A of the Companies Act, 1956 (1 of 1956)];

(g) "Reserve Bank" means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934 (2 of 1934);

(h) "Scheduled bank" means a bank for the time being included in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934);

4*[(i) "Security" means-

(a) Any share, stock, bond, debenture or debenture stock, of any body corporate;

(b) Any unit or sub-unit issued by, or other participation in a unit scheme framed by, any body or authority (not being the Trust) outside India or a mutual fund established outside India; and includes-

(i) A government security as defined in Section 2 of the Public Debt Act, 1944 (18 of 1944);

(ii) A savings certificate to which the Government Savings Certificates Act, 1959 (46 of 1959), applies;

(iii) Any security issued by any local authority in India, or by the Government of, or a local authority in, any such country outside India as may be approved by the Reserve Bank; and

(iv) Any foreign security as defined in Section 2 of the Foreign Exchange Regulation Act, 1973 (46 of 1973), as may be approved by the Reserve Bank.]

(j) "State Bank" means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955);

5*[(jj) "Subsequent unit scheme" means any scheme made after the commencement of Unit Trust of India (Amendment) Act, 1966;]

(k) "Subsidiary bank" has the same meaning as in Section 2 of the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959);

(l) "Trust" means the Unit Trust of India established under Section3;

(m) " Trustee" means a trustee appointed, nominated or elected under Section 10 or Section 41;

(n) "Unit" means a unit issued under6[a unit scheme;]

(o) "Unit capital" means the aggregate of the face value of the units sold under6[a unit scheme] and outstanding for the time being;

(p) "Units certificate" means a certificate issued to the purchaser of a unit under6[a unit scheme];

(q) "Unit holder" means a person for the time being recognised by the Trust as the holder of a unit certificate under6[a unit scheme];

(r) "Unit scheme" means a scheme made under Section 21.

--------------------------------------------------------------------------------------------------------------------------------------------------------

1. Inserted by Act 52 of 1975, Section 44 (w.e.f. 16th February, 1976).

2. Relettered by Act 52 of 1975, Section 44 (w.e.f. 16th February, 1976).

3. Inserted by Act 63 of 1985, Section 2 (w.e.f. 23rd April, 1985).

4. Substituted by Act 63 of 1985, Section 2., (w.e.f. 23rd April, 1985).

5. Inserted by Act 17 of 1966, Section 2 (w.e.f. 10th June, 1966).

6. Substituted by Act 17 of 1966, Section 2 (w.e.f. 10th June, 1966).

-------------------------------------------------------------------------------------------------------------------------------------------------------
Last updated on July, 2016

Find a Lawyer

Legal Hall of Fame

The current Legal Luminaries of India, the credible names in the legal circle along with those who would be the leading stars of the next decade. These are some of the reliable names in field of law. Nominate the Legal Stars of tomorrow

More

Recent Judgment


Sudha Mishra vs. Surya Chandra Mishra( R.F.A 299 of 2014

The Hon'ble High Court of Delhi in Sudha Mishra vs. Surya Chandra Mishra (R.F.A 299 of 2014)has ruled that a woman has a right over the property of her husband but she cannot claim a right to live in the house of her parents-in-law

More

Bare Acts

Helpline Law provides a user friendly compendium of Indian Law & Bare Acts. Get a complete list & detail of Indian Bare Acts, with amendments and repeals. It comes with easy-to-use features like Search by bare acts & by year. You can even email the information to yourself!

More

Have a Legal Matter ?
Need a Lawyer?

Have a Legal Matter ?

Need a Lawyer?

Male
Female