Mutual Fund News : Kotak Mahindra Mutual Fund files offer document for Kotak Nifty Next 50 Index Fund

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Kotak Mahindra Mutual Fund has filed offer document with SEBI to launch an open ended scheme named 'Kotak Nifty Next 50 Index Fund'.

The investment objective of the scheme to replicate the composition of the Nifty Next 50 and to generate returns that are commensurate with the performance of the NIFTY Next 50 Index, subject to tracking errors.

The performance of the scheme will be benchmarked against Nifty Next 50 Index TRI.

The New Fund Offer price is Rs 10 per unit and the minimum application amount for initial purchase is Rs 5,000 and in multiples of Re 1 thereafter. The scheme offers growth and dividend options.

It seeks to collect a Minimum Target Amount of Rs 10 crore.