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Religare Mutual Fund on Tuesday announced the launch of an open-ended exchange-traded fund — Religare Nifty ETF. The new fund offer will open for subscription on May 24 and close on June 6.
The returns generated by the fund will correspond to the returns generated by the stocks represented in the S&P CNX Nifty Index. The fund will follow a passive investment strategy and will invest in companies comprising the S&P Nifty Index in the same weights as in the Index, said a statement from the company.
The minimum investment amount during the NFO is Rs. 10,000 and in multiples of Re 1, thereafter. Post NFO, the units will be listed on the NSE.
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