NFO review: ICICI Prudential Bharat 22 ETF

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NFO review: ICICI Prudential Bharat 22 ETF

ICICI Prudential on Monday announced the much-awaited launch of Bharat-22 open ended exchange-traded fund, which is a part of the Centre's disinvestment program worth ₹72,500 crore for FY18.

This Index is a unique blend of shares of key CPSEs, Public Sector Banks (PSBs) and also the government owned shares in blue chip private companies like Larsen & Tubro (L&T), Axis Bank and ITC.

All categories of investors will be eligible for a discount of 3 per cent to the reference market price of underlying constituents.

These companies would benefit from government reforms and initiatives such as financial inclusion, digitisation, Make in India, Goods & Services Tax (GST) and infrastructure reforms and belong to six sectors like basic materials, energy, finance, fast-moving consumer goods (FMCG), industrials and utilities.

This fund, launched on November 14 for anchor investors, will be available from November 15 till November 17, 2017 for non-anchor investors.

The NFO is offering a discount of 3 per cent to all categories of investors. ICICI Prudential Asset Management Company is the fund manager for the ETF.

The Narendra Modi government has set a disinvestment target of Rs 72,500 crore for the current fiscal, of which Rs 46,500 crore is to be raised through disinvestment mode, while Rs 15,000 crore is the target in the case of strategic disinvestment that involves the surrender of government's majority control of the company.

Speaking at the event, Senior Government official Anuradha Thakur, Joint Secretary, Department of Investment and Public Asset Management (DIPAM) observed, "BHARAT 22 aims at bring broad-based ownership pattern to the public sector enterprises (PSEs)".

ICICI Prudential provides four reason for investing in this ETF. The portfolio of ETF will be rebalanced annually in March. Only three public sector banks - SBI, Indian Bank and Bank of Baroda - figure in the Bharat-22 index. The first CPSE ETF consisted of scrips of 10 PSUs - ONGC, Coal India, IOC, GAIL (India), Oil India, PFC, Bharat Electronics, REC, Engineers India and Container Corporation of India.

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