MUMBAI: Navi Mutual Fund, sponsored by former Flipkart founder Sachin Bansal, is planning to launch an electric vehicle fund.
The mutual fund, previously known as Essel Mutual Fund, has filed papers with the Securities and Exchange Board of India to launch a Navi Electric Vehicles and Driving Technology FoF.
“The investment objective of the scheme is to provide long-term capital appreciation by investing in units of overseas ETFs and/or index funds that invest in electric vehicles and driving technology. However, there is no assurance that the investment objective of the scheme will be realized,” the draft NFO papers showed.
The fund of funds will be benchmarked against the STOXX Global Electric Vehicles & Driving Technology NET Index.
Navi Mutual Fund, which recently received approval from the Sebi, is in the works to launch a series of new schemes for investors that range from providing access to Vanguard ETFs to the Chinese equity market.
The mutual fund aims to disrupt the mutual fund industry by driving down fees and focusing on providing more passive investing fund options to investors.