Axis Mutual Fund launches Axis Nifty Bank Index Fund
Axis Mutual Fund has announced the launch of Axis Nifty Bank Index Fund, an open-ended index fund tracking the Nifty Bank TRI.
This open-ended index fund aims to track the Nifty Bank TRI, providing investors with a mechanism to participate directly in the growth narrative of leading Indian banks, the fund house said in a release.
The new fund offer or NFO will open for subscription on May 3 and close on May 17.
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The scheme will be benchmarked against Nifty Bank TRI. It will be managed by Karthik Kumar and Ashish Naik.
The minimum investment amount will be Rs 500 and in multiples of Re 1 thereafter. The exit load applicable will be 0.25% if redeemed/ switched out within seven days from the date of allotment/ investment and no exit load if redeemed/ switched out after seven days from the date of allotment/ investment.
«India's economic rise is a compelling narrative driven by several factors. If addressed effectively, our growth story has the potential to propel the nation towards becoming a major global economic power. Against this backdrop, India's banking sector continues to exhibit growth and resilience,” said B. Gopkumar, MD & CEO, Axis Mutual Fund.
He added, “Fuelled by robust regulatory frameworks and the rapid adoption of digital banking, the sector is well-positioned for sustained expansion. The Axis Nifty Bank Index Fund offers investors a strategic opportunity to tap into this growth opportunity.
