Nitin Kamath-led Zerodha fund house launches its first fund.
Banking & Finance
Online brokerage Zerodha has launched its first passive mutual funds – Zerodha Nifty LargeMidcap 250 Index Fund and Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund. Both the funds are open-ended, passive and index equity mutual fund schemes. However, the minimum investment amount for LargeMidCap 250 and ELSS Tax Saver Fund is Rs 100 and Rs 500 respectively. The new fund offers will open on October 20 this year and close on November 3. These schemes will attempt to invest in stocks in proportion to the weighting of stocks in the Nifty LargeMidCap 250 index. The ELSS scheme, which has a lock-in period of 3 years, offers tax benefits under Section 80(C) of the Income Tax Act, 1961.
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