The fund will finance 1,600 stalled housing projects comprising 4.58 lakh housing units across India, said FM Sitharaman.
Prior to taking over this charge, Mr Gupta was executive director (personnel).
Out of Rs 9,000 crore, government will provide Rs 4,557 crore as one-time re-capitalisation, said Minister Prakash Javadekar..
The capital infused was largely consumed to tide over losses resulting from provisions required on non-performing assets.
Sebi had received complaints from ITC and LIC alleging violations by promoters and JMF ARC in respect of asset sale.
The funds will be raised for 30 years and the interest rate will be revised every 10 years, as per initial plans.
All the 24 life insurers had written new gross premium of Rs 16,611.57 in the same month a year ago.
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