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Navi Mutual Fund has launched Navi ELSS Tax Saver Nifty 50 Index Fund, a passive ELSS.
The fund house claims to offer lowest expense ratio in the passive ELSS category. In fact, the expense ratio of direct plans will be 12 bps, said the fund house.
In a press release, Sachin Bansal, Co-founder of Navi Group, "Bringing the simplicity of passive investing to the domain of tax-saving investments at an affordable price point is yet another example of our customer-centricity."
This is the second such ELSS, IIFL Mutual Fund was the first to launch passively managed ELSS in December.
Recently, SEBI had issued guidelines which enabled fund houses with an existing active tax-saver ELSS scheme to launch a passive ELSS scheme post restricting inflows in the active scheme. With the launch of the this ELSS, Navi MF will be the first mutual fund in India to take advantage of these guidelines.
