New NFO: Axis Mutual Fund has announced the launch of a new fund Axis NIFTY Midcap 50 Index Fund.
New NFO: Axis Mutual Fund, one of the country’s leading asset management companies, has announced the launch of a new fund Axis NIFTY Midcap 50 Index Fund. It is an open-ended index fund that will track Nifty Midcap 50 Index TRI. This NFO (New Fund Offer) will open for subscription tomorrow i.e. on March 10 and you will be able to invest money in this NFO till March 21, 2022.
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Key Features of Axis NIFTY Midcap 50 Index Fund
- It is an open-ended fund that will track the Nifty Midcap 50 Index TRI.
- This NFO will be open for subscription from 10-21 March 2022.
- In this, you will be able to invest at least 5 thousand rupees and then in multiples of one rupee.
- After investing in this fund, if you withdraw within 7 days from the allotment, then you will have to pay an exit load of 1 percent, whereas after that you can withdraw your money anytime without any exit load.
- The fund will be managed by Jignesh Gopani, Head (Equities), Axis Mutual Fund.
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Best plan for long term investors
The Nifty Midcap 50 Index consists of the top 50 companies on the basis of absolute market capitalization from the Nifty Midcap 150 Index, giving preference to those in which derivative contracts are available on NSE. Axis Nifty Midcap 50 Index Fund’s money is invested in 50 most liquid midcap stocks. Priority is given in the selection of stocks which are traded in Futures and Options (F&O) on NSE. If no F&O stocks are found to be included in the index, Nifty Midcap 150 will be selected from the top 30 non-F&O stocks in the index based on market cap. According to Chandresh Nigam, MD & CEO, Axis AMC, midcaps have consistently outperformed and are well suited to generate large capital in the long term.
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