LIC Nomura MF plans to mobilise Rs 200 cr via new scheme

LIC Nomura Mutual Fund plans to mop up Rs 200 crore through its new open-ended exchange traded fund, which was launched on Monday. The new fund offer -- LIC Nomura MF Exchange Traded Fund CNX Nifty -- will close on November 16. The investment objective of the scheme is to provide returns that closely correspond to the total returns of securities as represented by CNX Nifty index.

The company is aiming to garner Rs 200 crore through the new scheme. "It is Rajiv Gandhi Equity Savings Scheme (RGESS) Qualified Scheme...This fund is suitable for those investors who seek long term financial gains and returns mirroring underlying index, subject to tracking errors'," LIC Nomura MF Chief Executive Officer Sarojini Dikhale said. LIC Nomura MF is a joint venture between LIC of India and Japan's Nomura Asset Management Company.