The NFO is expected to go live in the first week of May.(Representative image)
Credit: iStock Photo
New Delhi: Groww Mutual Fund on Wednesday said it has received markets regulator Sebi's approval to launch Nifty Non-Cyclical Consumer Index Fund through a New Fund Offering (NFO).
This would be the country's first non-cyclical index fund and the NFO is expected to go live in the first week of May, the company said in a statement.
It will be an open-ended scheme tracking the Nifty Non-Cyclical Consumer Index-TRI (Total Return Index).
The aim of the fund is to generate long-term capital growth by investing in securities of the Nifty Non-Cyclical Consumer Index (TRI) in the same proportion to offer returns.
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