Groww's Nifty Non-Cyclical Consumer Index Fund Approved by SEBI

Groww Mutual Fund has received SEBI approval to launch India's first non-cyclical index fund, tracking the Nifty Non-Cyclical Consumer Index. This open-ended scheme aims for long-term capital growth by investing in securities of the index in the same proportion. The NFO is expected to go live in early May.

Groww Mutual Fund on Wednesday said it has received markets regulator Sebi's approval to launch Nifty Non-Cyclical Consumer Index Fund through a New Fund Offering (NFO).

This would be the country's first non-cyclical index fund and the NFO is expected to go live in the first week of May, the company said in a statement.

It will be an open-ended scheme tracking the Nifty Non-Cyclical Consumer Index-TRI (Total Return Index).

The aim of the fund is to generate long-term capital growth by investing in securities of the Nifty Non-Cyclical Consumer Index (TRI) in the same proportion to offer returns.