Online stockbroking company Groww said on Thursday that it has received approval from market regulator Securities and Exchange Board of India (SEBI) to launch its first index fund, called Groww Nifty Total Market Index Fund, via a new fund offering (NFO).
Taking to microblogging platform X, Groww chief executive Lalit Keshre said, “Groww Mutual Fund got approval for its first NFO – Groww Nifty Total Market Index Fund.”
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A new fund offer (NFO) refers to the first sale of shares in a fund by an entity to investors.
Further, according to Groww, this is a passive fund, which it is looking to launch by the end of the month. Groww wants to launch a basket of active and passive funds.
The development comes days after Groww’s competitor Zerodha filed drafts for two passive schemes, Zerodha Tax Saver (ELSS) Nifty LargeMidcap 250 Index Fund and Zerodha Nifty LargeMidcap 250 Index Fund, under its mutual fund business.
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