ICICI Prudential Nifty Top 15 Equal Weight Index Fund Filed Draft With SEBI

ICICI Prudential Mutual Fund has filed a draft for the ICICI Prudential Nifty Top 15 Equal Weight Index Fund, an open-ended index scheme. The fund aims to track the Nifty Top 15 Equal Weight Index, which consists of 15 stocks from the Nifty 50 index, each given equal weight.

Fund Structure 

The fund will invest at least 95% of its assets in stocks that are part of the Nifty Top 15 Equal Weight Index. Up to 5% may be allocated to money market instruments, including TREPs (Tri-Party Repos) and debt schemes. The fund follows a passive investment strategy, meaning it will mirror the composition of the index rather than actively selecting stocks.

Benchmark and Liquidity

The scheme will use the Nifty Top 15 Equal Weight TRI (Total Return Index) as its benchmark. Since it is an open-ended scheme, units will be available for purchase and redemption on all business days at NAV-based prices. The redemption proceeds must be dispatched within three business days, as per SEBI regulations. 

A penal interest of 15% per annum applies if redemptions are delayed.

Minimum Investment

• During NFO: ₹100 minimum investment, with additional investments in multiples of ₹1.
• Ongoing Offer: ₹100 minimum investment for lump sums and SIPs.
• Exit Load: None.

Plans and Options

The scheme will have:

• Direct Plan (for investors who invest without distributors).
• Regular Plan (for investments routed through intermediaries).
• Growth and IDCW (Income Distribution cum Capital Withdrawal) options under both plans.

Conclusion

The riskometer places this fund in the high-risk category. There are no guarantees of returns, and actual performance depends on market conditions and tracking error.

Further details, including fund manager information and specific dates for the New Fund Offer (NFO), are expected after regulatory approvals.

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Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Mutual Fund investments in the securities market are subject to market risks, read all the related documents carefully before investing.