India's leading bourse National Stock Exchange of India (NSE) has taken steps for successful execution of Employee Provident Fund Organization's (EPFO) historic steps to invest in capital market in India.
The ETF is based on the benchmark index of the nation: NIFTY. The index is available for trading on NSE's platform. The product is available as SETFNIFTY on the exchange platform.
While congratulating the government of India on this momentous occasion, Ms Chitra Ramkrishna, MD & CEO, NSE said that EPFO's entry will unlock savings into nation building.
Going forward, - with multiple investment options available at NSE - other entities may consider similar initiatives. All these will certainly deepen the financial market in India."
As you know, NIFTY ETFs is one of the oldest and the most popular ETF in India. There are 10 Equity ETFs with Nifty Index as the underlying, which is highest for any Index in India.
Besides, ETFs on NIFTY (as underlying) are listed abroad. NIFTY Index has given an annualised return of 17.8% in last 3 years. Close to one lakh people have traded during the period in NIFTY ETF.