Mumbai:- Kotak Mahindra Asset Management company has announced the launch of an exchange traded fund focusing on investing in stocks that comprise the BSE Sensex.
Its investment objective 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 BSE Sensex. The fund is open for subscription from 7May to 16 May, 2008.
Sandesh Kirkire, CEO of the company said, “Kotak Sensex ETF enables customers to have a long-term investment strategy at a significantly lower cost. Sensex is a widely tracked index and representative of the Indian economic growth story. Kotak Sensex ETF offers investors to partake in the same.”
Announcing the launch, Bombay Stock Exchange managing director and CEO, Rajnikant Patel commented, “Since its corporatization and demutualization, BSE has launched several initiatives for the investing community. We are looking forward to seeing how the retail segment and institutional investors receive it.”
Minimum investment amount during the New Fund Offer is Rs10,000 and in multiples of Rs 1000.