Kotak Mahindra Asset Management has announced the launch of an exchange-traded fund that invests in the stocks that comprise the Bombay Stock Exchange’s Sensex index.
Kotak Mahindra Asset Management has announced the launch of an exchange-traded fund that invests in the stocks that comprise the Bombay Stock Exchange’s Sensex index. The fund is open for subscription until May 16.
‘Our endeavour has been to provide diverse investment options to cater the requirement of our investors,’ says Kotak Mahindra chief executive Sandesh Kirkire. ‘Kotak Sensex ETF is a product that enables a long-term investment strategy at significantly lower costs. Sensex is a very widely-tracked index and is representative of the Indian economic growth story.’
Bombay Stock Exchange managing director and chief executive Rajnikant Patel says: ‘Since its corporatisation and demutualisation, the BSE has launched several initiatives for the investing community. The Kotak Sensex ETF is the latest such offering.
‘Sensex is the flagship index of the Indian capital markets and the Kotak Sensex ETF represents an easy, liquid and effective instrument to track the index. I am sure the ETF will be well received by retail as well as institutional investors.’
Established in 1998, Kotak Mahindra Mutual Fund managed assets of some INR215bn (USD5.2bn) on behalf of more than 900,000 investors at the end of April.