Zerodha Asset Management Ltd, one of India’s newest fund houses, is getting to ready to launch mutual fund schemes, nearly a month after it got its final license by the Securities and Exchange Board of India (SEBI).
In keeping with its mandate to launch passive scheme, Zerodha has filed draft offer documents with the market regulator to launch two schemes -- Zerodha Tax Saver (ELSS) Nifty Large Midcap 250 Index Fund and Zerodha Nifty Large Midcap 250 Index Fund (ZN250).
Both the schemes would be benchmarked against Nifty Large Midcap 250 Index Fund. While one is a normal diversified equity fund, the ELSS scheme is a tax saver scheme that will give the Section 80C tax deduction benefits, up to an investment of Rs 1.5 lakh.
As per its business plan, Zerodha AMC will launch passive schemes. According to industry officials, the fund house will launch a mix of index funds as well as Exchange-Traded Funds (ETF).