SBI Mutual Fund, the country’s largest fund house, has collected over ₹900 crore through its new fund offer which closed on January 29.
The fund house received over 40,000 applications during the NFO period. The SBI Nifty50 Equal Weight Index Fund is an open-ended scheme replicating or tracking the Nifty50 Equal Weight Index, effectively with relatively lower costs as it is a passive offering.
The investment objective of the scheme is to provide returns that correspond to the total returns of the securities as represented by the underlying index, subject to tracking errors.