Sachin Bansal's Navi Mutual Fund plans to launch electric vehicles fund
New Delhi: The Sachin Bansal-backed Navi Mutual Fund has submitted draught documents for four more funds, including an electric vehicle fund, with the Securities and Exchange Board of India (Sebi), following the filing of papers for over ten new schemes last month. The majority of the documents have been filed for passively managed funds, indicating that the fund house is attempting to establish itself in this area.
According to an update with the markets regulator on Friday, the fund house has filed paperwork with Sebi to form an electric cars fund called Navi Electric Vehicles and Driving Technology Fund of Fund (FoF).
The draught materials said that the scheme's investment objective is to generate long-term capital appreciation by investing in units of offshore ETFs (exchange-traded funds and/or index funds that invest in electric vehicles and driving technologies).
The STOXX Global Electric Vehicles & Driving Technology NET Index will serve as the benchmark for the fund-of-funds.
In addition, Navi Nifty India Manufacturing Index Fund and two international funds—Navi S&P 500 FoF and Navi Total China Index FoF—have submitted documentation with the fund house.
Last month, the fund house filed papers for 11 schemes, including the Navi Total US Stock Market FoF, which allows Indian investors to invest in the Vanguard Total Stock Market Index Fund ETF.
In July, the fund company launched the Navi Nifty 50 Index Fund, a direct plan offering with a cost ratio of 0.06 percent, the lowest in the index schemes category thus far.
In February 2021, Bansal, a cofounder of Flipkart, purchased Essel Mutual Fund from the Essel Group and renamed it Navi Mutual Fund.
