personal finance

Sachin Bansal's Navi Mutual Fund plans to launch electric vehicles fund

New Delhi: After filing papers for over 10 new schemes with the Securities and Exchange Board of India (Sebi) last month, Sachin Bansal-backed Navi Mutual Fund has filed draft documents for four more funds, including an electric vehicles fund. Most of the documents have been filed for passively managed funds as the fund house seems to be looking to make a place in this category.

The fund house has filed papers with Sebi to launch an electric vehicles fund—Navi Electric Vehicles and Driving Technology Fund of Fund (FoF)—an update with the markets regulator showed on Friday.

“The investment objective of the scheme is to provide long-term capital appreciation by investing in units of overseas ETFs (exchange-traded funds and/or index funds that invest in electric vehicles and driving technology,” the draft documents showed.

The fund of funds will be benchmarked against the STOXX Global Electric Vehicles & Driving Technology NET Index.

Apart from this, the fund house has filed documents for Navi Nifty India Manufacturing Index Fund and two international funds—Navi S&P 500 FoF and Navi Total China Index FoF.

The fund house had filed papers for as many as 11 schemes last month, including Navi Total US Stock Market FoF, which would allow Indian investors to invest in the Vanguard Total Stock Market Index Fund ETF.

In July, the fund house had launched the Navi Nifty 50 Index Fund with an expense ratio of 0.06 per cent for its direct plan offering, which is the lowest in the index schemes category so far.

Bansal, cofounder of Flipkart, had acquired Essel Mutual Fund from the Essel Group in February 2021 and renamed it Navi Mutual Fund.

With inputs from PTI.


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