Chennai: Navi Mutual Fund, part of Sachin Bansal’s BFSI group Navi, has announced the launch of Navi Nifty 50 Index Fund, an open-ended equity scheme which would replicate the Nifty 50 Index, with ‘the lowest cost compared to any other index schemes in the passive funds category’.
The 10-day NFO will open on 3 July and close for subscriptions on 12 July.
According to a press release, the investment objective of the scheme is to achieve returns equivalent to Nifty 50 Index by investing in stocks of companies comprising Nifty 50 Index, subject to tracking error.