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Mumbai April 9 Benchmark Mutual Fund has filed with SEBI its Midcap Benchmark Exchange Traded Scheme, (Midcap BeES), an open-ended index fund to be listed on the exchange in the form of an Exchange Traded Fund tracking the CNX mid-cap index.

Midcap BeES is designed to provide returns that, before expenses, closely correspond to the total returns of stocks as represented by the CNX Midcap Index. Each unit of Midcap BeES will have a face value of Rs 10 each and will be issued at a premium approximately equal to the difference between face value and 1/10th of the value of CNX Midcap Index.

Midcap BeES can be bought or sold like any other stock on the National Stock Exchange of India Ltd (NSE) or the authorised participants and large investors can directly buy or sell units with the fund.

Midcap BeES will be available in dematerialised form.

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