Axis Mutual Fund is sponsored by Axis Bank Limited (Axis Bank). The Sponsor is the Settler of the Mutual Fund Trust. The Sponsor has entrusted a sum of Rs. 1,00,000/-(Rs. One Lakh only) to Axis Mutual Fund Trustee Limited (the Trustee Company) as the initial contribution towards the corpus of the Mutual Fund. Axis Bank was the first of the new private banks to have begun operations in 1994, after the Government of India allowed new private banks to be established. Axis Bank was promoted jointly by the Administrator of the specified undertaking of the Unit Trust of India (UTI - I), Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC) and other four PSU insurance companies, i.e. National Insurance Company Ltd., The New India Assurance Company Ltd., The Oriental Insurance Company Ltd. and United India Insurance Company Ltd.