Groww MF gets Sebi's nod to launch Nifty Non-Cyclical Consumer Index Fund

Groww Mutual Fund on Wednesday said it has received markets regulator Sebi's approval to launch Nifty Non-Cyclical Consumer Index Fund through a New Fund Offering (NFO).

This would be the country's first non-cyclical index fund and the NFO is expected to go live in the first week of May, the company said in a statement.

It will be an open-ended scheme tracking the Nifty Non-Cyclical Consumer Index-TRI (Total Return Index).

The aim of the fund is to generate long-term capital growth by investing in securities of the Nifty Non-Cyclical Consumer Index (TRI) in the same proportion to offer returns.