ICICI Prudential Mutual Fund has sought SEBI’s approval to launch ICICI Prudential Nifty Next 50 ETF.

This open-ended scheme will invest 95% of its assets in equity and equity-related securities of companies constituting the underlying index (NIFTY Next 50 Index). It also has the provision to invest up to 5% of its assets in units of liquid schemes, money market instruments (with maturity not exceeding 91 days), including CBLO, cash & cash equivalents. Further, the minimum application required is Rs.5,000 and in multiples of one rupee thereafter.

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