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MUMBAI, June 9
IDBI Mutual Fund on Wednesday announced the launch of its index fund to be based on the S&P CNX Nifty.
An open ended, 'No-Load' scheme, the "IDBI Index I- Nit' 99" will track the performance of the S&P CNX Nifty by investing the corpus in the 50 scrips that comprise the index in the same proportion as their representation in the Nifty. The scheme is targeting Rs. 100 crores and the issue period is June 16-30.
Addressing a press conference here, Mr. Sivaprakasam, Managing Director, IDBI Investment Management Company, said the Nifty was selected as the base index as it is more diversified and represents about 50 per …