The NFO received over 37,000 applications and was distributed by more than 3,000 partners.
The government's decision to allow Employees' Provident Fund Organisation (EPFO) invest 5 percent of its Rs 1 trillion investible fund in exchange traded equity funds has made mutual fund houses bullish about launching retirement equity funds, industry officials said.
Systematic investment plans (SIPs) have become the white knight for the battered mutual fund industry, reports CNBC-TV18 Vidhi Godiawala and Mitra Joshi.