LIC Nomura Mutual Fund launched an open ended Exchange Traded Fund called the LIC Nomura MF Exchange Traded Fund – Nifty 100. It is Rajiv Gandhi Equity Savings Scheme (RGESS) Qualified Scheme which will open for offer from March 4 and will close on March 11, 2016.
The investment objective of the scheme is to provide returns that closely correspond to the total returns of securities as represented by NIFTY 100 INDEX.
Sachin Relekar is the fund manager of the scheme.
In a press release, Sarojini Dikhale, Director and Chief Executive Officer, LIC Nomura MF said “Exchange-Traded Funds (ETFs) are growing ever more popular, as they are created to combine the best characteristics of both stocks and mutual funds into a combined investment vehicle. They offer a benchmark return at minimal cost thus ensuring appropriate investment decision on an investor’s part. Those looking for a long term investment should opt for this product.”