Reliance Mutual Fund seeks SEBI nod for ETF Nifty Midcap 150

Reliance Mutual Fund has sought the Securities and Exchange Board of India's (SEBI's) approval to launch Reliance ETF Nifty Midcap 150, according to a draft offer document on the regulator's website.

The open-ended index exchange traded fund will deploy 95 percent of its assets in securities constituting Nifty Midcap 150 Index in the same proportion (weightage) as in the index, while the rest will be allocated to money market instruments.

Other features:

Exit load: Not applicable

Minimum investment: Rs 5,000 and in multiples of one rupee thereafter.

Performance benchmark: Nifty Midcap 150 Index

Fund manager: Payal Wadhwa Kaipunjal