Groww gets Sebi nod for India’s first Nifty Non-Cyclical Consumer Index Fund

Financial services firm Groww has got Sebi approval to launch Nifty Non-Cyclical Consumer Index Fund through new fund offering (NFO).

This will be India’s first non-cyclical index fund and will be launched by Groww Mutual Fund, Groww's AMC business.

It will be an open‐ended scheme tracking the Nifty Non-Cyclical Consumer Index–TRI.

The scheme will be benchmarked against the Nifty Non-Cyclical Consumer Index (Total Return Index).

The investment goal of the Nifty Non-Cyclical Consumer Index Fund is to generate long-term capital growth by investing in securities of the Nifty Non-Cyclical Consumer Index (TRI) in the same proportion/weightage to offer returns before expenses that track the total return of the Nifty Non-Cyclical Consumer Index, subject to tracking errors.

The NFO is expected to go live in the first week of May.