LIC Nomura mutual fund launches Sensex ETF

LIC Nomura Mutual Fund launched an open ended Exchange Traded Fund- LIC Nomura MF Exchange Traded Fund – Sensex. This scheme will also qualifty for savings under Rajiv Gandhi Equity Savings Scheme (RGESS) Qualified Scheme. The new fund offer opens from today, Monday, November 09, 2015 and will close on Monday, November 23, 2015.

As per the fund house, the investment objective of the scheme is to provide returns that closely correspond to the total returns of the securities as represented by the S&P BSE SENSEX by holding S&P BSE SENSEX stocks in same proportion, subject to tracking errors. It will be managed by Sachin Relekar.

"Exchange-traded funds (ETFs) are the most important development for investors and the fund industry. Investors looking for a long-term and defensive investment strategy in equities should invest in ETFs as it offers an alternative to index-based funds at much lower cost with an ability to trade on the exchange", says Sarojini Dikhale, Director & Chief Executive Officer, LIC Nomura MF said.