|Tata Mutual Fund has launched a new fund named Tata Nifty Private Bank Exchange Traded Fund, an open ended exchange traded fund replicating / tracking Nifty Private Bank Index. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The new issue will be open for subscription from 16 August 2019 to 29 August 2019.
The investment objective of the scheme is to provide returns that is closely correspond to the total returns of the securities as represented by the Nifty Private Bank index, subject to tracking error.
The scheme offer is not available.
The scheme would invest 95% - 100% of assets in equity and equity related instruments covered by Nifty Private Bank index with high risk profile and upto 5% of asset in Money Market Instruments including Triparty repo or any other instrument as may be permitted by SEBI and units of liquid scheme of Mutual Fund with low risk profile.
Minimum application amount is Rs 5000 and in multiples of Re 1 thereafter.
The fund seeks to collect a minimum subscription (minimum target) amount of Rs 10 crore under the scheme during the NFO period.
Entry load and exit load charge will be nil for the scheme.
Benchmark Index for the scheme is Nifty Private Bank Index (Total Return Index).
The fund manager of the scheme is Sailesh Jain
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