Dec 13: The UTI Nifty Next 50 Index Fund, an open-ended scheme tracking Nifty Next 50 Index has sought the approval of Securities and Exchange Board of India (SEBI). The document filed with SEBI stated that the fund would allocate upto 100% in securities covered under the Nifty Next 50 Index with a moderate to high risk.
The Index consists of major large cap players in banking, construction, finance, electrical, pharma and consumer goods such as Colgate Palmolive (India) Ltd, ACC Ltd, Bank of Baroda, BHEL, Bharat Electronics Ltd, MRF Ltd, Dabur India Ltd, Tata Power Co Ltd among others.
It is a low cost pure index fund which tracks the Nifty Next 50 Index passively but no returns are guaranteed. The fund manager for the scheme is Mr Kaushik Basu with over 18 years experience in domestic equity markets