ICICI Prudential MF files paper for Bharat 22 ETF

India Infoline News Service | Mumbai | September 28, 2017 16:35 IST

ICICI Prudential Asset Management Company has filed papers to SEBI for an approval to launch Bharat 22 ETF.

ICICI Prudential Asset Management Company has filed papers to SEBI for an approval to launch Bharat 22 ETF.
 
The open-ended exchange-traded fund will invest at least 95% of its corpus in companies constituting the underlying index, while up to 5% will be deployed in units of liquid or money market mutual fund schemes, money market instruments (with maturity not exceeding 91 days), including collateralised borrowing and lending obligations, and cash and cash equivalents.
 
The minimum application for retail is Rs 5,000 and in multiples of 1 rupee thereafter. There is no exit load in the ETF and the performance benchmark is S&P BSE Bharat 22 Index.
 
Larsen & Toubro with 16.49% is the top-weighted stock on Bharat-22, followed by ITC (15.26%) and Power Grid (7.85%). The other higher weightage stocks including SBI (7.76%), Axis Bank (7.53%), NTPC (6.98%), IOC (5.56%) and ONGC (5%).

Bank of Baroda, Bharat Electronics, BPCL, Coal India, Engineers India, Gail India, Indian Bank, NBCC (India), NHPC, NLC India, Nalco, Power Finance Corp, Rural Electrification Corp and SJVN are the other components of the index. Nearly 90% of the equities included in the ETF are also traded in futures.

Disclaimer: The contents herein is specifically prepared by ‘Dalal Street Investment Journal’, and is for your information & personal consumption only. India Infoline Limited or Dalal Street Investment Journal do not guarantee the accuracy, correctness, completeness or reliability of information contained herein and shall not be held responsible.

 

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