The investment objective of the scheme is to provide returns that closely correspond to the total return of the S&P CNX Nifty Index, subject to tracking error. The scheme will invest in stocks comprising S&P CNX Index up to 100% in the same ratio as the index. However, it may also invest up to 5% in debt and money market instruments.
Mr. Manish Bandi is the fund manager of the scheme. Mr. Bandi is a science graduate and a CA with 11 years of experience in the financial services industry. He has been a part of the investment committee and fund management team and held senior managerial positions in the field of equity advisory, portfolio management services, equity broking, business and process reviews and audits in his previous roles.
IIFL Mutual Fund will be the 43rd entrant to the fund industry. It got SEBI’s approval in March 2011. But they have waited for more than six months to come out with their first fund. Initially the fund house plans to focus on ETFs and then add other actively managed funds.
Performance of Similar Funds:
IIFL Nifty ETF proposes to charge the lowest expense ratio among all the Nifty ETFs.
NFO Opens: September 28, 2011 NFO Closes: October 12, 2011 NFO Price: Rs.10/- Per Unit plus premium Listing: National Stock Exchange Option: Growth Minimum Application Amount: Rs. 5000 and in multiples of Re. 1 thereafter per application Exit Load: NIL Benchmark: S&P CNX Nifty Index Fund Manager: Mr. Manish Bandi