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Mumbai, May 7 Kotak Mahindra Asset Management Company has launched an exchange traded fund called Kotak Sensex ETF. The scheme will focus on investing in the stocks that comprise the BSE Sensex.

The investment objective of the scheme is to provide returns that closely correspond to the total returns of the BSE Sensex, subject to tracking errors. The scheme’s performance will be benchmarked against the Sensex. The new fund offer, which opened on May 7 will close on May 16.

“The units would be listed on the BSE, and authorised participants appointed by the mutual fund will provide liquidity in the secondary market for these transactions,” said Mr Sandesh Kirkire, Chief Executive Officer, Kotak Mahindra Asset Management Company. All categories of investors may purchase the units through secondary market on any trading day.

The authorised participant(s) would offer daily two-way quotes in the market.

Each unit of the Kotak Sensex ETF will be approximately equal to 1/100th of the value of the BSE SENSEX. The minimum investment amount for the scheme is Rs 10,000 and in multiples of Rs 1,000 thereafter. In case of investors opting to switch into the scheme from existing schemes/plan/options of the fund during the NFO period, the minimum amount is Rs 10,000 and in multiples of Re 0.01 thereof.

The entry load during the new fund offer is one per cent for investments of less than Rs 1 crore and nil for investments above this limit.

There is no entry load during continuous offer.

More Stories on : New Fund Offer | Mutual Funds

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