ICICI Prudential Mutual Fund launches CNX 100 ETF

India Infoline News Service | Mumbai |

The investors in this fund will also benefit from the tax exemptions under section 80CCG of the Income Tax Act, 1961, as this fund qualifies for RGESS.

ICICI Prudential AMC announced the launch of ICICI Prudential CNX 100 ETF, an open ended Index Exchange Traded Fund that constitutes 100 most liquid large cap stocks listed on the NSE 
 
The investors in this fund will also benefit from the tax exemptions under section 80CCG of the Income Tax Act, 1961, as this fund qualifies for RGESS.
 
The NFO period opened on 19th July, 2013 and is open till 16th August, 2013. The minimum amount that investors can invest in this fund is Rs 5,000/- and multiples of Re.1 during NFO.  The fund will aim to keep a low expense ratio.
 
ICICI Prudential CNX 100 ETF aims at replicating the CNX 100 Index providing a diverse array of stocks from 38 sectors of the economy.
 
The ETF will be managed by Fund Manager Kayzad Eghlim.
 
Speaking on the launch of this fund, Nimesh Shah, MD & CEO, ICICI Prudential Asset Management Company said, “This fund is an effort at providing 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. Investors have been focusing 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.”

 

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