What is the history of indian mutual funds and role of SEBI in mutual funds in India ?

Unit Trust of India was India's first mutual funds established in 1963. In the early 1990s, government allowed public sector banks and institutions the establishment of mutual funds. In 1992, Securities and Exchange Board of India was established.  There are two motive of SEBI  : to protect the interests of investors in securities, and to promote and regulate the securities markets.
SEBI is responsible for regulating mutual funds. SEBI published regulations concerning mutual funds in 1993. In 1993, SEBI issued regulations for mutual funds. After that, private sector organizations were allowed to sponsor mutual funds and allow them to access the capital market. In 1996, the regulations were revised completely and amended from time-to-time. SEBI issues guidelines from time to time for mutual funds to protect investors' rights.
All mutual funds promoted by public and private entities, as well as those promoted abroad, are subject to the same set Regulations. All mutual funds are subject to SEBI inspections and monitoring. No difference in the regulatory requirements. The mutual funds sponsoring the schemes are subject to the risks