First Auto Index Fund

Published on September 23, 2022
Current Context: ICICI Prudential Mutual Fund launched India’s first auto index fund, the ICICI Prudential Nifty Auto Index Fund.
First Auto Index Fund
  • The objective behind the launch of the ICICI Prudential Nifty Auto Index Fund is to give investors an opportunity to earn from the expected growth in the automobile, and e-Vehicle sectors.
  • The NIFTY Auto Fund Offer (AFO) opened on 22nd September 2022 and will close on 6th October 2022.
  • The index is devised using the free float market capitalization method and comprises fifteen listed companies and auto-related sectors.
  • Free float market capitalization is a method by which the market capitalization is calculated by multiplying the equity’s price by the number of shares available, excluding shares held by the promoters.
  • ICICI Prudential Mutual Fund is India’s asset management company that was established in 1993 with its headquarters in Mumbai, Maharashtra. The current MD & CEO of the company is Nimesh Shah.

Question:

Q.1 India’s first auto index fund is launched by?
a. BOI AXA Investment Managers Private Limited
b. ICICI Prudential Mutual Fund
c. Aditya Birla Sun Life AMC Limited
d. Axis Mutual Fund

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