Alert: It's raining Mutual Fund Schemes in Indian markets
Sachin Bansal-backed Navi Mutual Fund has filed draft papers for four more mutual fund schemes with the Securities and Exchange Board of India (SEBI).
Strike when the iron is hot seems to be an unwritten rule of the IPO market. As we have seen a flurry of IPOs in the last three months, now the same is turning out to be true for Mutual Fund Schemes. And Sachin Bansal-backed Navi Mutual Fund seems to have been following this adage to perfection.
Sachin Bansal-backed Navi Mutual Fund has filed draft papers for four more mutual fund schemes with the Securities and Exchange Board of India (SEBI). Earlier in August, it had filed 11 mutual fund schemes with SEBI. In the recently, filed four mutual funds scheme, three are Fund of Fund (FoF), while one is an index fund.
The index fund is NAVI Nifty Indian Manufacturing Index Fund. An open-ended equity scheme replicating/tracking Nifty India Manufacturing Index. The investment objective of the scheme is to achieve a return equivalent to the Nifty India Manufacturing index by investing in stocks of companies comprising the Nifty India Manufacturing Index, subject to tracking error. However, there is no assurance or guarantee that the investment objective of the scheme will be achieved. The scheme does not assure or guarantee any returns.