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<ul><li><keyword id="19914160" type="General" weightage="20" keywordseo="Groww" source="keywords" meta.keywordsubtype="org" meta.entityname="Groww" meta.hostid="261" meta.entityid="Groww">Groww</keyword> has received SEBI approval to launch the <keyword id="21425700" type="General" weightage="20" keywordseo="Nifty-Non-Cyclical-Consumer-Index-Fund" source="keywords">Nifty Non-Cyclical Consumer Index Fund</keyword>.</li><li>The Nifty Non-Cyclical Consumer <keyword id="21293774" type="General" weightage="20" keywordseo="index-fund" source="keywords">Index Fund</keyword> will be launched through an <keyword id="20498936" type="General" weightage="20" keywordseo="NFO" source="keywords">NFO</keyword>.</li><li>The Nifty Non-Cyclical Consumer Index Fund is expected to be launched in the first week of May.</li></ul>Financial services company Groww has received approval from the <keyword id="19970553" type="General" weightage="20" keywordseo="Securities-Exchange-Board-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Securities Exchange Board of India" meta.hostid="261" meta.entityid="Securities Exchange Board of India">Securities Exchange Board of India</keyword> (SEBI), the country’s securities market regulator to launch the Nifty Non-Cyclical Consumer Index Fund through a new fund offering (NFO). This will be the country’s first non-cyclical index fund and is expected to go live in the first week of May. The minimum investment amount for the NFO will be ₹500 and in multiples of ₹1 for purchases and ₹0.1 for switching. The redemption amount has been set at a minimum of ₹500 and in multiples of ₹1 thereafter. “The investment goal of the Nifty Non-Cyclical Consumer Index Fund is to generate long-term capital growth by investing in securities of the Nifty Non-Cyclical Consumer Index (TRI) in the same proportion/weightage to offer returns before expenses that track the total return of the Nifty Non-Cyclical Consumer Index, subject to tracking errors,” Groww said in a statement. Groww acquired the mutual fund business of Indiabulls Housing Finance last year for ₹175.6 crore. <cmsannotation type="cmsannotation" annotationid="What is a non-cyclical consumer index fund?" comment="subhead" text="What is a non-cyclical consumer index fund?">What is a non-cyclical consumer index fund?</cmsannotation> A non-cyclical consumer index fund focuses on companies that provide essential goods and services which tend to remain stable in demand regardless of the economic cycle. This type of fund is designed to protect against market volatility by investing in stocks from industries such as utilities, healthcare, consumer staples, and sometimes financials. In this instance, the fund is benchmarked against the Nifty Non-Cyclical Consumer Index (Total Return Index). This tracks the performance of the top 30 stocks under sectors such as consumer goods and services, telecom and more. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/jiocinema-introduces-new-ad-free-premium-plans-starting-at-29/articleshow/109581033.cms">An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema</a> <a href="https://www.businessinsider.in/tech/news/gigabyte-aorus-co49dq-49-inch-qd-oled-144hz-curved-gaming-monitor-launched-in-india/articleshow/109563798.cms">GIGABYTE AORUS CO49DQ 49-inch QD-OLED 144Hz curved gaming monitor launched in India</a> <a href="https://www.businessinsider.in/tech/news/apple-let-loose-event-scheduled-for-may-7-ipads-expected-to-be-launched/articleshow/109553148.cms">Apple Let Loose event scheduled for May 7 – New iPad models expected to be launched</a>

Groww receives SEBI approval to launch Nifty non-cyclical consumer index fund

New Delhi, Asset management companies launched 212 <keyword id="20372350" type="General" weightage="20" keywordseo="new-fund-offerings" source="keywords">new fund offerings</keyword> mobilising Rs 63,854 crore in 2023, marginally higher from previous year, on the back of significant uptrends in broader markets. In comparison, Asset Management Companies (AMCs) garnered Rs 62,187 crore through 228 New Fund Offerings (NFOs) in 2022. Further, they collected Rs 99,704 crore in 2021 and Rs 53,703 crore in 2020, according to data compiled by <keyword id="20372349" type="General" weightage="20" keywordseo="morningstar-india" source="keywords">Morningstar India</keyword>. "The trend towards the financialisation of assets in India is unmistakable. Aligned with changing consumption behaviours and a need for a higher standard of living, investors recognise the importance of long-term investing. The COVID-19 pandemic underscored the necessity for financial planning and the creation of liquid assets to address emergencies and pave the way for wealth-building," FYERS Research said in its report. It further said that "despite indices exhibiting strength, propelled by robust economic activity, steady <keyword id="19951327" type="General" weightage="20" keywordseo="gst" source="keywords">GST</keyword> collections, and confidence in government reforms and policies, anticipating a similar outperformance in 2024 may not be prudent. Valuations across various market capitalisations look elevated, advocating a cautious approach to direct equities in the short term". As per the FYERS report, the January-March period of 2023 saw the highest number of NFOs at 57. However, the peak fund mobilisation occurred in the July-September period, totalling Rs 22,049 crore. Additionally, 29 thematic or sectoral funds raised an aggregate of Rs 17,946 crore in 2023. With an increased risk appetite for equities and awareness of products and offerings, retail investors opted for higher-risk products like thematic and sectoral funds compared to other products. Usually, NFOs come during a surging market when investor sentiments are high and optimistic. The NFOs were floated to capitalise on the mood of investors and attract their investment as they were willing to invest at that time. Industry experts said that the stock market performance along with the positive investor sentiments led to higher fund mobilisation through NFOs in 2023. In the year 2023, Nifty 50 index delivered a return of 20 per cent, majorly supported by earnings growth. <keyword id="19994732" type="General" weightage="20" keywordseo="nifty-midcap" source="keywords">Nifty Midcap</keyword> and <keyword id="20118967" type="General" weightage="20" keywordseo="nifty-smallcap" source="keywords">Nifty Smallcap</keyword> indices recorded impressive returns of 47 per cent and 56 per cent, respectively. Domestic Institutional Investors (DIIs) infused a substantial Rs 1.7 lakh crore into the market and the infusion played a pivotal role in propelling Indian equities beyond the USD 4 trillion market capitalization milestone. Overall, the mutual fund industry saw a net inflow of Rs 2.74 lakh crore in 2023 as compared to an inflow of over Rs 71,000 crore in the preceding year. The huge inflow could be on the back of sustained investors' interest in equity funds, arbitrage funds, and index funds &amp; ETFs. Debt schemes experienced a net outflow of Rs 46,100 crore last year, while equity schemes saw substantial inflows of Rs 1.62 lakh crore, closely followed by hybrid category schemes at Rs 93,208 crore.

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Groww receives SEBI approval to launch Nifty non-cyclical consumer index fund

Sourabh Jain

Mutual funds collects ₹63,854 cr via new fund offers in 2023

PTI

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