Widely read:
Religare Nifty ETF is an open ended exchange traded fund focused on Nifty stocks. It will be the 30th ETF in the industry and 6th ETF focused on S&P CNX Nifty. This is the second ETF from the fund house after Religare Gold ETF launched in Feb 2010.
Investment Objective: 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. This passively managed scheme will in securities covered by S&P CNX Nifty. The fund may also invest in debt and money market instruments, limited to an exposure of maximum 5%. Each unit of this scheme will be approximately equal to 1/10th of the value of S&P CNX Nifty Index.
Fund Manager: Mr. Pranav Gokhale will be the Fund Manager for the scheme. Mr. Gokhale has done CA from ICAI, New Delhi and M.Com from Mumbai University. He has over 6 years of experience in Indian equity markets. Currently, he manages three schemes of Religare Mutual Fund, namely, Religare AGILE Fund, Religare Arbitrage Fund and Religare AGILE Tax Fund. He also manages Religare Capital Protection Oriented Fund – Series 1 jointly with Mr. Sujoy Das.
Fund House: Religare Mutual Fund has been around for more than 4 years and has launched 12 equity schemes so far. The AMC’s assets under management as on March 31, 2011 are Rs.11,504.96 crores.
Basic Details:
NFO Opens: May 23, 2011
NFO Closes: June 6, 2011
NFO Price: Rs.10 per unit plus premium
Listing: National Stock Exchange
Options: None
Minimum Application Amount: Rs 10,000 per application
Exit Load: Nil
Benchmark: S&P CNX Nifty index
Fund Manager: Mr. Pranav Gokhale
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