New Delhi, July 8 -- Kotak Mahindra Asset Management Company Ltd (KMAMC/Kotak Mutual Fund) on Wednesday announced the launch of the Kotak Nifty Private Bank ETF, an open-ended exchange-traded fund that seeks to replicate and track the Nifty Private Bank Index.
The new fund offer (NFO) opened for public subscription on July 8 and will close on July 15.
The Nifty Private Bank Index tracks the performance of the top 10 private sector banks selected from the Nifty 500 universe on the basis of free-float market capitalisation. The index is rebalanced semi-annually.
Nilesh Shah, Managing Director of KMAMC, said the ETF offers investors a simple and cost-efficient way to participate in the growth of India's leading private sector banks while providing diversified exposure to a key segment of the financial sector through a rule-based investment approach.
Published by HT Digital Content Services with permission from Millennium Post.