LIC Nomura Mutual Fund today has launched an open ended Exchange Traded Fund- LIC Nomura MF Exchange Traded Fund - Sensex. It is Rajiv Gandhi Equity Savings Scheme (RGESS) Qualified Scheme. The new fund offer opens from today, Nov. 09, 2015 and will close on Monday, Nov. 23, 2015.
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. Sachin Relekar is the fund manager of the scheme.
Speaking on the launch, Sarojini Dikhale, director & chief executive officer, LIC Nomura MF said, ''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.''