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Friday, Feb 15, 2002

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Benchmark AMC to launch new products soon

Our Bureau

AHMEDABAD, Feb. 14

THE Nifty BeES, India's first exchange traded fund (ETF) launched by the Benchmark Asset Management Company (BMAC) last month, has trained its guns on sectoral funds as part of its second product line.

Mr Rajan Mehta, Executive Director, BAMC, told newspersons that the company, whose corpus stood in the 12- 15 crore band, expected to touch Rs 500 crore before the year was out. BAMC has become the only Asian company outside Japan and 18th worldwide to launch an ETF.

``We are coming out with our next band of products in three-four months' time. Definitely on the agenda are technology and pharmaceutical sector-indexed products to support the only ETF in India till date. The Nifty BeES, a cash product, is ideally most suited for the small investor as one unit of the product is priced at Rs 111 as against about Rs 2 lakh in the case of Nifty Futures, which is a derivative product. However, we would be focusing on the institutional investors including FIIs as well,'' Mr Mehta said.

The Nifty BeES tracks the S&P CNX Nifty index and invests in all its 50 scrips as per the proportion of weightage given to them in the index. BAMC projects that after an initial lag of some six months, the Indian public would catch up with the globally popular investment tool.

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