Navi Mutual Fund files offer document for Nifty Next 50 Index Fund
Navi Mutual Fund has filed offer document with SEBI to launch a close-ended equity scheme named ‘Navi Nifty Next 50 Index Fund'. The New Fund Offer price is Rs 10 per unit. Entry load and Exit load will be nil. The scheme offers growth and dividend options for investment and seeks to collect a Minimum Target Amount of Rs 10 crore.

The performance of the scheme will be benchmarked by Nifty Next 50 Index TRI. The minimum application amount is Rs 500 and in multiples of Re 1.

The investment objective of the scheme is invest in companies whose securities are included in Nifty Next 50 Index and to endeavour to achieve the returns of the index as closely as possible, though subject to tracking error. The objective is that the performance of the NAV of the Scheme should closely track the performance of the Nifty Next 50 Index over the same period subject to tracking error.