Groww receives SEBI approval to launch Indias first Nifty Non-Cyclical Consumer Index Fund

Wednesday, 24^th April, 2024: Groww, one of India’s leading financial services companies, has received SEBI (Securities and Exchange Board of India) 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.