Religare Mutual Fund has launched a new fund as Religare Nifty Exchange Traded Fund, an open ended exchange traded fund. The objective of the scheme is to generate returns which closely correspond to the returns generated by securities as represented by S&P CNX Nifty Index, subject to tracking error, if any.
The Fund will invest in securities, which are constituents of S&P CNX Nifty Index in the same weight as in the underlying index. The fund will follow a passive investment strategy.
The New Fund Offer (NFO) is open for subscription from May 23, and closes on June 6, 2011. The New Fund Offer price for the scheme is Rs 10 per unit
The minimum application amount is Rs 10000 and in multiples of Rs 1 thereafter.
Entry and exit load - nil
The scheme will allocate 95% to 100% of assets in securities covered by S&P CNX Nifty and upto 5% of assets in debt and money market instruments.
The scheme performance will be benchmarked against S&P CNX Nifty.
The scheme will be managed by Mr. Pranav Gokhale.
Source: http://www.moneycontrol.com/news/mf-news/religare-mf-launches-religare-nifty-exchange-traded-fund_545351.html
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