The fund, with a proposed total expense ratio (TER) at 0.06 per cent, will be the cheapest such fund in the market. As of now, ICICI Prudential Nifty Index Fund with 0.1 per cent TER is currently the cheapest fund in the category.
Navi Mutual Fund: Flipkart co-founder Sachin Bansal s mutual fund house launches cheapest Nifty index fund indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
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In Brief
Friday, 21 May 2021 22:22 Corporate M&A
On Monday, the Competition Commission of India (CCI) tweeted that it had “received the first green channel combination pertaining to the acquisition of the Essel Mutual Fund by an entity forming a part of the Sachin Bansal Group.” The green channel is a speedier approval route for mergers and acquisitions. Under this process, the combination is deemed to have been approved upon filing the notice in the prescribed format.
SEBI allows fintechs to apply for mutual fund licenses with relaxed norms
The market regulator has relaxed the profitability criteria for companies looking to start mutual fund businesses
(Image: Forbes)
In its board meeting held on Wednesday, the Securities and Exchange Board of India (SEBI) decided that even sponsors that don’t meet the profitability criteria can apply for mutual fund (MF) licenses.
“This move will help fintechs that are looking at entering the mutual fund (MF) industry to seek MF license,” says the chief executive officer of a fund house, requesting anonymity.
However, the fintech company will have to demonstrate the existence of a Rs 100 crore net-worth in the mutual fund, till it records five years of continuous profitability.