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UTI ASSET MANAGEMENT COMPANY LIMITED

FINANCIAL STATEMENTS OF SUBSIDIARY COMPANIES

CONSOLIDATED FINANCIAL STATEMENTS OF UTI ASSET MANAGEMENT COMPANY LIMITED

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Annual Report - April 2021 - Banner Image

Conviction. Capabilities. Commitment.

ANNUAL REPORT 2020-21

UTI ASSET MANAGEMENT

COMPANY LIMITED

Conviction.
Capabilities.
Commitment.

Every action for achieving one’s
goal needs Conviction.
Every step of preparation to grow
needs Capabilities.
Every challenge leading to results,
is backed by Commitment.

For the last 56 years, at UTI, we have been driven by our indomitable conviction in our capabilities. We have been propelled by our constant commitment to create sustainable value for our stakeholders. And in this process, every action taken, every step advanced and every outcome of our decisions has been a result of our conviction, capabilities and commitment towards our goal. These are the foundational stones that have helped us build trust, brand name and a rich legacy to reckon with.

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About UTI AMC

1st

Indian Mutual
Fund Company

55+

Years of
Experience

138

No. of Schemes Managed (as on 31 March 2021) excluding
10 segregated portfolios

INR 11,61,256crore

Total AUM

INR 1,82,853crore

Domestic MF AUM

1.1crore

Live Folios

694

Districts
present in

163

No. of UTI Financial
Centres (UFCs) in India

56,600

Mutual Fund Distributors

278

Business Development
Associates (BDAs)/Chief
Agents (CAs)

1,474

Employee Strength

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Message From

  • chairman
  • ceo
Dinesh Kumar Mehrotra - Non-Executive Chairman and Independent Director at UTIMF

“Last year, despite the challenges and the subsequent business impacts, we managed to progress; determined and backed by our commitments of delivering increasing value for our stakeholders.”

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Imtaiyazur Rahman - UTIMF CEO

“For us, a significant development during 2020-21 was the high share of our gross sales under Equity Funds. This was visible in incremental market share”

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Corporate history
and milestone

1964

UTI established by the Government of India under the UTI Act, Passed in 1963

1971

Launched Firstever Unit-Linked Insurance Plan (ULIP)

1986

Launched India’s first pure Equity-oriented Fund called Master Share; Mutual Fund became the part of Indian Lexicon with UTI Master Share

2002

Incorporated UTI Asset Management Company Limited

2003

Registered UTI Mutual Fund with SEBI under the SEBI Mutual Funds Regulations

2004

Launched Axel Portfolio Management Services

2006

Established UTI International Singapore (Private) Limited as a Joint Venture

2007

Incorporated UTI Retirement Solutions Ltd. with UTI AMC as its Sponsor

2009

UTI AMC appointed as one of the two fund managers of the Postal Life Insurance Corpus; UTI Mutual Fund invsestor Folios crossed 1crore

2010

Launched invsestor Education Initiative – UTI Swantantra

2011

Incorporated UTI Capital Private Limited

2017

Launched Alternative investment Fund (AIF) - UTI Structured Debt Opportunities Fund Launched Digi-invest Campaign

2019

UTI’s PMS appointed as one of the two Fund Managers of the EPFO Corpus UTI RSL’s AUM crossed INR 1,00,000 crore

2020

Launched IPO and got listed on NSE (National Stock Exchange) and BSE successfully

1964

UTI established by the Government of India under the UTI Act, Passed in 1963

1971

Launched Firstever Unit-Linked Insurance Plan (ULIP)

1986

Launched India’s first pure Equity-oriented Fund called Master Share; Mutual Fund became the part of Indian Lexicon with UTI Master Share

2002

Incorporated UTI Asset Management Company Limited

2003

Registered UTI Mutual Fund with SEBI under the SEBI Mutual Funds Regulations

2004

Launched Axel Portfolio Management Services

2006

Established UTI International Singapore (Private) Limited as a Joint Venture

2007

Incorporated UTI Retirement Solutions Ltd. with UTI AMC as its Sponsor

2009

UTI AMC appointed as one of the two fund managers of the Postal Life Insurance Corpus; UTI Mutual Fund invsestor Folios crossed 1crore

2010

Launched invsestor Education Initiative – UTI Swantantra

2011

Incorporated UTI Capital Private Limited

2017

Launched Alternative investment Fund (AIF) - UTI Structured Debt Opportunities Fund Launched Digi-invest Campaign

2019

UTI’s PMS appointed as one of the two Fund Managers of the EPFO Corpus UTI RSL’s AUM crossed INR 1,00,000 crore

2020

Launched IPO and got listed on NSE (National Stock Exchange) and BSE successfully

COMMITTED TO CREATING
ROBUST VALUE FOR
SHAREHOLDERS

UTIMF - Comitted to creating robust value for shareholders - Thumbnail Image

At UTI AMC, we have always endeavoured to create healthy returns for our shareholders. And to improve shareholders’ value, we believe it is essential to build a resilient business model and earn higher profitability through ethical business practices.

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A COMMITTED PURE-PLAY INDEPENDENT ASSET MANAGER WITH POWER OF BRAND AND TRUST

UTIMF - Comitted pure-play independent asset management - Thumbnail Image

UTI AMC is a name synonymous with trust. Our 55+ years rich legacy has helped us establish ourselves as a leading and pioneering brand in the Indian Mutual Fund industry.

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DRIVEN BY CONVICTION
OF EXPERIENCE AND
EXPERTISE

UTIMF - Driven by conviction of experience & expertise - Thumbnail Image

We are a professionally managed Asset Management Company backed by an eminent Board of Directors and a vastly experienced senior management team.

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CAPABILITIES STRENGTHENED BY WIDE GEOGRAPHICAL PRESENCE AND MULTI-CHANNEL DISTRIBUTION NETWORK

UTIMF - Wide Geographical Presence - Thumbnail Image

At UTI AMC, we understand that a strong distribution network and a transparent approach leads the industry’s growth. With this thought at the core, we seek to continue developing our network and increasing our geographical reach. We are constantly expanding our existing comprehensive multi-channel distribution channels that bring the stability of flows.

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COMMITTED TO FINANCIAL INCLUSION – B30 CITIES

UTIMF - Comitted to financial inclusion - Thumbnail Image

The Indian Mutual Fund industry is expected to continue propelling forward. The anticipated growth will be underwritten by supportive industry dynamics and longterm structural drivers, including financialisation of household savings, increasing market penetration of Mutual Fund products, favourable population and urbanisation trends. At 6.7%, Mutual Funds currently constitute only a small portion of the gross household financial assets*, with the figure likely to be lower in B30 cities.

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LED BY A STRONG CONVICTION OF DIGITAL PRIORITIES – ANYWHERE AND EVERYWHERE

UTI Buddy - App Image

At UTI AMC, we believe in being ready for the future. And today, digital is the future. The companies who have adopted digital and can better embrace it will drive growth in the times to come. There is a strong reason to believe that technology and digital adoption will enhance organisational efficiency, bring in cost optimisation, improve customer acquisition and experience while also ensuring data security. With this philosophy, we have undertaken a comprehensive digital transformation project to build our Company’s efficacy, capacity, resilience and costeffectiveness.

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POWERING OUR PEOPLE’S
CAPABILITIES

UTIMF - Powering our people's capabilities - Thumbnail Image

At UTI AMC, we have consciously created a positive working environment promoting employee safety, growth and goal attainment. All our efforts are directed towards encouraging our employees to perform to their highest ability. We strongly believe that our ability to continue delivering value for all stakeholders centres around our ability to attract, develop and retain dedicated and talented people. Our focus is on building a team that is inspired by our purpose and attracting individuals who take emotional ownership of what they do.

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COMMITTED TO ENVIRONMENT, SOCIAL, GOVERNANCE (ESG)

ENVIRONMENT, SOCIAL, GOVERNANCE (ESG)

Environmental, Social, and Governance (ESG) parameters are the top three non-financial performance indicators in today’s business environment. Over the last couple of years, they have gained significance and become critical for long term competitive success. Today, a structured disclosure of performance is an essential requirement for businesses. The increased attention around the environment, well-being of employees, societal concerns and transparency in the business are central factors while measuring the sustainability and societal impact of an investment in a company or business. In line with this, at UTI AMC, we have proactively initiated concerted efforts in benchmarking our processes and policies with the global best practices across the domain of ESG.

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CONVICTION TO IMPROVE INVESTOR EDUCATION AND ENHANCE AWARENESS

UTIMF - Conviction to improve investor education & awareness - Thumbnail Image

Low Mutual Fund penetration levels in India are primarily due to the lack of awareness about this asset class. As per SEBI’s investor awareness survey conducted in 2015, mutual funds/SIPs were used by only 10% of the respondents as investment and saving avenues. This clearly indicates the necessity to create better investor awareness. Overall advertisements by fund houses and robust market performance are likely to boost investors participation. This is further likely to help deepen mutual fund penetration among new investors, particularly in B30 markets.

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  • Board of Directors

  • Senior Managemnet

Dinesh Kumar Mehrotra - Non-Executive Chairman and Independent Director at UTIMF

DOA: 11 April 2017

Mr. Dinesh Kumar Mehrotra

Non-Executive Chairman and Independent Director

Dinesh Kumar Mehrotra is the Non-Executive Chairman and Independent Director of the Company. He has previously served as the Chairman and the Managing Director of LIC. He has also served as the Executive Director of International Operations at LIC. He holds a B.Sc. (Honours) degree from the University of Patna. His appointment as an Independent Director of the Company was approved by the shareholders at the Annual General Meeting held on 23 August 2017.

Edward Cage Bernard - Non-Executive Director at UTIMF

DOA: 01 October 2018

Mr. Edward Cage Bernard

Non-Executive Non-Independent Director

Edward Cage Bernard is a Non-Executive Director of the Company. Prior to joining the Company, he was associated with the TRP group as a Vice Chairman, T. Rowe Price Group Inc. as a Director on the Board and as a member of the firm’s Management Committee. Currently, he is also associated with T. Rowe Price Group Inc. as a Senior Advisor. He holds a B.A. degree in Religious Studies from Brown University and an MBA in finance from New York University Leonard N. Stern School of Business. His appointment as an Non-Executive Director of the Company was approved by the shareholders at the Annual General Meeting held on 22 August 2019.

Flemming Madsen - Non-Executive Director at UTIMF

DOA: 20 January 2010

Mr. Flemming Madsen

Non-Executive Non-Independent Director

Flemming Madsen is a Non-Executive Director of the Company. He is the Head of Global Financial Intermediaries at T. Rowe Price. He is a Vice President of T. Rowe Price Group, Inc., T. Rowe Price International Ltd and member of the EMEA Distribution Executive Committee. He has been associated with T. Rowe Price for 21 years. His total 37 years’ experience in the financial industry includes capital markets transactions, investment banking, and asset management. His appointment as an Non-Executive Director of the Company was approved by the shareholders at the Extra Ordinary General Meeting held on 20 January 2010.

Narasimhan Seshadri - Independent Director at UTIMF

DOA: 14 October 2016

Mr. Narasimhan Seshadri

Independent Director

Narasimhan Seshadri is an Independent Director of the Company. He has four decades of experience in the banking industry, having served two major public sector banks viz Canara Bank and Bank of India. Prior to joining the Company, he was a Director on the board of NPCI and a whole-time Executive Director on the Board of Bank of India. He holds Masters Degree in Commerce from Bangalore university: Masters in Divya Prabandam MA (DP) from Sastra University and Masters in Banking and Finance (MBA Banking and Finance) from IGNOU/Indian Institute of Bankers. He is a certified associate of the India institute of Bankers. His appointment as an Independent Director of the Company was approved by the shareholders at the Annual General Meeting held on 23 August 2017.

Deepak Kumar Chatterjee - Independent Director at UTIMF

DOA: 25 September 2018

Mr. Deepak Kumar Chatterjee

Independent Director

Deepak Kumar Chatterjee is an Independent Director of the Company. Prior to joining the Company, he was associated with SBI Funds Management Private Limited as the Managing Director and Chief Executive Officer and SBI Capital Markets Limited as a Executive Vice President. He was also associated with IIFCL Projects Limited as its Chief Executive Officer and IIFCL Asset Management Company Limited as a Director. He holds a B.Sc. (Honours) degree in Physics from University of Delhi, an M.Sc. degree in Agricultural Physics from Indian Agricultural Research Institute, New Delhi and an MBA from University of Delhi. He is also a Certificated Associate of the Indian Institute of Bankers. His appointment as an Independent Director of the Company was approved by the shareholders at the Annual General Meeting held on 25 September 2018.

Rajeev Kakar - Independent Director at UTIMF

DOA: 20 November 2019

Mr. Rajeev Kakar

Independent Director

Rajeev Kakar is an Independent Director of the Company. He currently serves on the boards of various banks and financial institutions such as Eurobank Ergasias SA (Greece), Gulf International Bank (GIB Bahrain), Gulf International Bank (GIB Saudi Arabia) and Commercial International Bank (Egypt). He started his career in 1988 at Citibank NA, where he worked for 18 years and in his last role, was the Managing Director and Division Head for Turkey, Middle East and Africa region. In 2006, he moved to become the Global co-founder of Fullerton Financial Holdings Pte. Ltd., headquartered in Singapore (a whollyowned subsidiary of Temasek Holdings Pte. Ltd., Singapore), where he served for 11 years in various roles including serving on its Global Management Board, as its Executive Vice President, Head of Consumer Banking and Head of Central and Eastern Europe, Middle East and Africa region. Simultaneously, he also was the Founder of Dunia Finance LLC in UAE, where he operated as its Managing Director and Chief Executive Officer. He holds a B. Tech. degree in Mechanical Engineering from the Indian Institute of Technology, Delhi and a Post Graduate Diploma in Management from the Indian Institute of Management, Ahmedabad. His appointment as an Independent Director of the Company was approved by the shareholders at the Extra Ordinary General Meeting held on 16 December 2019.

Dipali H Sheth - Independent Director at UTIMF

DOA: 20 November 2019

Ms. Dipali Hemant Sheth

Independent Director

Dipali H Sheth is an Independent Director of the Company. Dipali serves as Independent Director on the Boards of four other companies. Prior to joining the Company, she was associated with RBS Business Services Private Limited as the Country Head of Human Resources, Standard Chartered Bank as Head HR South Asia, Procter & Gamble Distribution Company Limited and DCM Limited. She holds a B.A. (Honours) degree in Economics from University of Delhi, passed out from the DCM Management Centre, and is an accredited Coach from ICF and Gallup, USA. Her appointment as an Independent Director of the Company was approved by the shareholders at the Extra Ordinary General Meeting held on 16 December 2019.

Jayashree Vaidhyanathan - Independent Director at UTIMF

DOA: 20 November 2019

Ms. Jayashree Vaidhyanathan

Independent Director

Jayashree Vaidhyanathan is an Independent Director of the Company. She currently serves as a Co-Founder and CEO of BCT Digital, a technology company specialising in AI and Predictive analytics. Prior to BCT, she was associated with Scope International Private Limited as Head of Technology and Strategy and served as a partner with Accenture Services Private Limited. She has also served as an Independent Director in Altran, a $3.2 Billion Global Engineering and Innovation consulting firm and Mahindra Sanyo Steel. She holds a B.E. degree in Computer Science Engineering from University of Madras and an MBA from Cornell University. She is also a Chartered Financial Analyst from the Association for Investment Management and Research. Her appointment as an Independent Director of the Company was approved by the shareholders at the Extra Ordinary General Meeting held on 16 December 2019.

Imtaiyazur Rahman - UTIMF CEO

DOA: 28 April 2019

Mr. Imtaiyazur Rahman

CEO & Whole Time Director

Imtaiyazur Rahman is the Chief Executive Officer and Whole-Time Director of the Company. He has more than 30 years of experience in management, business leadership, leading change and forming strategic alliances. He joined the UTI Group in 1998 as part of UTI Investor Technology Services Ltd. and joined UTI AMC Ltd. in 2003. He was also the CFO of the Company from 2005. In his role as Group President & Chief Finance Officer, he headed the functions of Finance, Accounts, Taxation, Information Technology and Board related matters. He is a Science graduate, Fellow member of Institute of Cost Accountants of India and Institute of Company Secretaries of India, Certified Public Accountant (USA) and GAMP (ISB-Kellog).

Mr. Rahman is on the Board of UTI International (Singapore), UTI International Ltd. Guernsey, UTI Venture Funds Management Co. Pvt. Ltd., UTI Capital Ltd., UTI Retirement Solutions Ltd., IOT Infrastructure & Energy Services Ltd. and Association of Mutual Funds in India. He was also a member of the working group for risk management in liquid schemes constituted by SEBI. Prior to joining the Company, he was associated with Sumeet Machines Ltd, Leasing Finance India Ltd, Bells Controls Ltd, New India Rubber Works (P) Ltd. and S. Gupta & Co.

Imtaiyazur Rahman - UTIMF CEO

Mr. Imtaiyazur Rahman

Chief Executive Officer
and Whole-Time Director

Surojit Saha - UTIMF CFO

Mr. Surojit Saha

Chief Financial Officer

Arvind Patkar - Company Secretary at UTI Asset Management Company Limited

Mr. Arvind Patkar

Company Secretary

Amandeep Chopra - Group President and Head of Fixed Income at UTIMF

Mr. Amandeep Chopra

Group President
and Head of Fixed Income

Vetri Subramaniam - UTIMF CIO

Mr. Vetri Subramaniam

Group President
and Head of Equity

Peshotan Dastoor - Group President & Head – Sales at UTI AMC

Mr. Peshotan Dastoor

Group President
and Head of Sales

Gaurav Suri - Senior Executive VP & Head of Marketing at UTIMF

Mr. Gaurav Suri

Senior Executive Vice President
and Head of Marketing

Indranil Choudhury - President and Head of Human Resources at UTIMF

Mr. Indranil Choudhury

President
and Head of Human Resources

Vivek Maheshwari - Senior Executive Vice President at UTIMF

Mr. Vivek Maheshwari

Senior Executive Vice President,
Head of Risk and Compliance Officer (MF)

Vinay Lakhotia - Head of Operations at UTIMF

Mr. Vinay Lakhotia

Senior Executive Vice President
and Head of Operations

Siddamurthy Raghunath Reddy - Executive Vice President at UTIMF

Mr. Siddamurthy Raghunath Reddy

Executive Vice President
and Head of Information Technology

Sandeep Samsi - Executive Vice President at UTIMF

Mr. Sandeep Samsi

Executive Vice President
and Head of Corporate Communications,
Strategy & Investor Relations

Mr. Balram Bhagat - CEO - UTI Retirement Solutions Ltd.

Mr. Balram Bhagat

Chief Executive Officer
– UTI Retirement Solutions Ltd.

Mr. Praveen Jagwani - CEO - UTI International Ltd.

Mr. Praveen Jagwani

Chief Executive Officer
– UTI International Ltd.

Rohit Gulati - Chief Executive Office - UTI Capital Ltd

Mr. Rohit Gulati

Chief Executive Officer
– UTI Capital Ltd.