On April 26, 2021, SBI Mutual Fund launched SBI Nifty Next 50 Index Fund an open-ended index scheme. It is the second index fund of SBI Mutual Fund as it already has the SBI Nifty Index Fund under the Exchange Traded Fund (ETF) category.
Objective: To enable the investors to invest in all securities under Nifty Next 50 Index with lower costs.
- The scheme would allow for the investment in all the securities (around 95% to 100%) covered by the Nifty Next 50 Index.
- It also would cover around 5% investments in units of liquid mutual fund and Money Market instruments (including commercial papers & bills, treasury bills, triparty repo, Government securities (with one-year maturity), call or notice money, certificate of deposit, usance bills).
- The investment could be done daily, weekly, monthly, quarterly, semi-annual and annual SIP and the amount required for application is about Rs 5,000.
About NIFTY Next 50:
- NIFTY Next 50, the flagship index of the National Stock Exchange’s (NSE) has completed its 25 years of journey on April 22, 2021, as it was launched on April 22, 1996.
- It is an index for companies on the NSE of India in which it represents 50 companies from NIFTY 100 after excluding the NIFTY 50 companies.
Recent Related News:
On March 1, 2021, The State Bank of India (SBI) Mutual Funds has launched its first overseas offering namely “SBI International Access-US Equity FoF” which is an open-ended Fund of Fund (FoF) scheme that would invest in mutual fund schemes /ETFs (exchange-traded fund) that invest in the United States (US) markets. The offering will close on March 15, 2021.
About SBI Mutual Fund:
It is a joint venture between the State Bank of India, and Amundi, a European asset management company.
Establishment – 1987
Headquarters– Mumbai, Maharashtra
MD&CEO -Mr. Vinay M. Tonse
Tagline – A Partner for Life