SBI MF garners over Rs 900 crore from Nifty50 index fund NFO

The investment objective of the scheme is to provide returns that correspond to the total returns of the securities as represented by the underlying index, subject to tracking errors.

The largest fund house SBI Mutual Fund has collected over Rs 900 crore through its new fund offer, the AMC said in a statement on Saturday. The fund house said it has received more than 40,000 applications for the Nifty50 equal weight index fund, which closed on January 29.

The fund house recorded huge collections on the back of significant contributions from all distribution channels and strong interest from the direct channel, it added. The new fund is an open-ended scheme replicating or tracking the Nifty50 equal weight index, effectively with a relatively lower cost as it is a passive offering. The investment objective of the scheme is to provide returns that correspond to the total returns of the securities as represented by the underlying index, subject to tracking errors. The fund manager is Viral Chhadva.