ICICI Prudential AMC has announced the launch of ICICI Prudential CNX 100 ETF. The ETF will be eligible for tax exemptions under section 80CCG of the Income Tax Act, 1961, as this fund qualifies for RGESS.
The NFO opened for subscription on 19 July, 2013 and closes on 16 August, 2013. The minimum amount investors can put in this fund is Rs 5,000.
Nimesh Shah, MD & CEO, ICICI Prudential AMC, says, “This fund is an effort at to provide our investors a more wholesome basket of ETF offerings. It is an example of a simple product made available on a larger platform to retail investors. This also supplements our ETF product range.”
He further adds that investors have been focusing more on physical assets like real estate and gold. “Over the last five years, physical assets have outperformed the financial assets. In our opinion, financial assets (especially equity) have become extremely attractive from long term investing perspective. ICICI Prudential CNX 100 ETF will be another step in our endeavor to enable this,” says Shah.
ICICI Prudential CNX 100 ETF will replicate the CNX 100 Index. The ETF will be managed by Kayzad Eghlim.
