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Pru-ICICI Launches an Index Fund

Pru-ICICI Mutual Fund has launched an index fund. The fund's initial offer will open on February 15, 2002. Earliest closing date is February 21, 2002 and latest closing date is February 25, 2002.

Pru-ICICI Index fund will track the S&P CNX Nifty Index. It will be the eleventh index tracker. This week, IL&FS has also launched two index funds - one tracking Nifty and the other tracking Sensex. The other index funds include - Franklin India Index, Franklin India Index Tax Fund, IDBI PRINCIPAL Index, Pioneer ITI Index - Nifty, Pioneer ITI Index - Sensex, UTI Master Index, UTI Nifty Index Fund and Magnum Index Fund.

Pru-ICICI Index fund only offers Growth option. Entry into the fund is on a no-load basis. The fund will charge an exit load of 0.5 per cent for amount upto Rs 5 lakh if redeemed within one year. However, it would not charge any exit load for amount greater than Rs 5 lakh. Minimum application amount is Rs 5,000 and in multiples of Rs 1,000 thereafter. Tracking error will be limited to 2% per annum under normal circumstances.