ICICI Prudential mutual fund launches India’s first Nifty auto Index

Tags: Economy/Finance

The ICICI Prudential Mutual Fund has launched the country’s first auto index fund, the ICICI Prudential Nifty Auto Index Fund.

The fund will track the Nifty Auto Index which has been designed to reflect the performance of the automobiles sector. The index comprises 15 listed companies and represents auto-related sectors such as auto ancillaries and tyres too.

Nifty is an Index of the National Stock Exchange.

Mutual Funds are regulated by Securities Exchange Board of India (SEBI).

IMPORTANT FACTS -

ICICI Prudential Mutual Fund :

•  ICICI Prudential mutual fund is one of the largest Asset management Company in India. 
• It is a joint venture of ICICI Bank and United Kingdom’s Prudential Company.
• Chief executive officer: Nimesh Shah
• Headquarters: Mumbai