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Much Awaited Exchange Traded Fund (ETF) Launched
Posted on: 15/Mar/2014 3:55:54 PM
The Central Public Sector Unit’s Exchange Traded Funs (PSU- ETF) have been launched by Goldman Sachs on Friday and its subscription commences next week.
CPSE-ETF is an imprecise scheme comprising 10 chief Private Sector Units including ONGC, Gail, Coal India, Indian Oil, Oil India, PFC, REC, Container Corp, Bharat Electronics and Engineers India. The new fund offer will kick off for subscription on March 18 for anchor investors who invests above Rs 10 Crore and the subsequent day for non-anchor and retail investors.
Even though ETF is very popular investment channel globally, it is at its budding stage in India; Via CPSE-ETF, the government is striving to make ETF popular, Alok Tandon Joint Secretary, Disinvestment Department, told reporters.
New index is another preference of government denying stake in public sector enterprises; and government plans to rise up to Rs 3,000 Crore from this scheme in the outgoing financial year, he added.
Nearly 5% forthright discount will be rendered to all class of investors, 6.66 % loyalty units will be afforded for retail individual investors, he said.
The scheme is handled by Goldman Sachs India MF.The Joint Secretary said that, further queries linked with the ETF listed government firms, depends on the investor response to the current scheme.
