Kotak MF introduces Banking ETF

Kotak Mutual Fund has launched the New Fund Offer (NFO) of Kotak Banking ETF, a close ended income scheme. The NFO opens for subscription on Nov 24, 2014 and closes on Nov 28, 2014.  No entry load or exit load will be applicable for the scheme. The minimum subscription amount is Rs 5,000 and in multiples of Rs 1000 for purchase. The scheme’s performance will be benchmarked against CNX Bank Index and its fund manager is Deepak Gupta The investment objective of the scheme is to provide returns before expenses that closely correspond to the total returns of stocks as represented by the CNX Bank Index subject to tracking errors.