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ICICI Prudential launches CNX 100 ETF


ICICI Prudential Asset Management Company has launched the ICICI Prudential CNX 100 ETF, an open ended index exchange-traded fund that constitutes 100 most liquid large cap stocks listed on the National Stock Exchange of India. 

The investors in the fund will benefit from the tax exemptions under section 80CCG of the Income Tax Act 1961, as this fund qualifies for the Rajiv Gandhi Equity Savings Scheme, a tax advantage savings scheme for equity investors in India.
The new fund offer (NFO) period opened on 19 July 2013 and is open till 16 August 2013. The minimum amount that investors can invest in this fund is INR5,000 during NFO. The fund will aim to keep a low expense ratio.
Nimesh Shah (pictured), managing director and chief executive officer, ICICI Prudential Asset Management Company, says: ”This fund is an effort at providing our investors a more wholesome basket of ETF offerings. It is an example of a simple product made available on a larger platform to retail investors. This also supplements our ETF product range. Investors have been focusing on physical assets like real estate and gold. Over the last five years, physical assets have outperformed the financial assets. In our opinion, financial assets (especially equity) have become extremely attractive from long term investing perspective. ICICI Prudential CNX 100 ETF will be another step in our endeavour to enable this.”

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