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Motilal Oswal lines up another index fund

Motilal Oswal Mutual Fund has sought approval from the Securities and Exchange Board of India (SEBI) for launching Motilal Oswal MOSt Nasdaq-100 ETF, an open-ended exchange traded fund.

The fund will invest in stocks of Nasdaq 100 index and hence try to replicate its performance.

Nasdaq-100 includes 100 large US and other international non-financial securities listed on the Nasdaq Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. It does not contain securities of financial companies including investment companies.

The minimum investment amount is Rs 10,000 and more. There is no entry/exit load on units of the scheme bought or sold through the secondary market on the stock exchanges.

However, if there are no quotes on the exchange for 3 trading days consecutively, an investor can sell its units of the scheme to the fund with an exit load of 1 per cent of NAV of the Scheme.