Finance Ministry appoints ICICI Prudential AMC for New ETF

Department of Investment and Public Asset Management, Ministry of Finance, has appointed ICICI Prudential Asset Management Company Ltd., as Asset Management Company (AMC) for creation and launch of a new Exchange Traded Fund (ETF).

The new ETF will comprise of shares of listed CPSEs and other Corporate Entities.

The appointment criteria and evaluation process has been very rigorous comprising both technical and financial criteria.

ICICI Prudential Asset Management Company Ltd., is India’s largest Asset Manager having assets under management of INR. 2,17,030 crs (closing AUM as on August 31, 2016).

In July this year, ICICI Prudential AMC had rebranded its existing ETFs under IWIN name.

ETF or Exchange Traded Fund is a marketable security that tracks an index or a basket of assets like an Index fund. Unlike mutual funds the ETF nav is traded on bourses and the price changes through out the day and investors can buy or sell an ETF unit just like any other listed security.