ICICI Prudential Mutual Fund seeks SEBI nod for Bharat 22 ETF

ICICI Prudential Mutual Fund has sought the Securities and Exchange Board of India's approval for launching Bharat 22 ETF, managed by ICICI Prudential Asset Management Co, according to a draft offer of the document on regulator's website.

The open-ended exchange-traded fund will invest at least 95 percent of its corpus in companies constituting the underlying index, while up to 5 percent will be deployed in units of liquid or money market mutual fund schemes, money market instruments (with maturity not exceeding 91 days), including  collateralised borrowing and lending obligations, and cash and cash equivalents.

Other features:
* Minimum application: Retail--5,000 rupees and in multiples of 1
rupee thereafter
* Performance benchmark: S&P BSE Bharat 22 Index
* Exit Load: Nil
* Risk: High
* Fund manager: Kayzad Eghlim
 
 
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