The objective of the fund is to mirror the returns of the S&P CNX Nifty index, though there will be some tracking error that needs to be taken in account. This will be achieved by investing in the securities of the index and in the same proportion.

Other Nifty based ETFs - Benchmark Funds; Motilal Oswal MOSt Shares M50 ETF - and quite a lot of Nifty based index Funds, like Quantum Index Fund and Reliance Index Fund-Nifty Plan.

The scheme will be manged passively, meaning there will not be an active fund manager who will take the calls on which stock to buy rather the fund"s portfolio will be maintained as per the index it tracks.

Religare Nifty ETF will have the option to invest in debt and money market also, but this exposure will be limited a maximum of 5%.

The fund will be managed by Pranav Gokhale. Currently he manages three schemes of Religare Mutual Fund namely Religare AGILE Fund, Religare Arbitrage Fund and Religare AGILE Tax Fund. He also manages Religare Capital Protection Oriented Fund - Series 1 jointly with Sujoy Das.

Gokhale has done CA from ICAI, New Delhi and M.Com from Mumbai University. He has over 6 years of experience in Indian equity markets.

Religare Asset Management Company has more than four years. It has 12 equity schemes in its offering. The AMC"s assets under management as on March 31, 2011 are Rs.11,505 crores.

Basic Details
NFO Opens: May 23, 2011
NFO Closes: June 6, 2011
NFO Price: Rs.10 per unit plus premium
Listing: National Stock Exchange
Options: None
Minimum Application Amount: Rs 10,000 per application
Exit Load: Nil
Benchmark: S&P CNX Nifty index
Fund Manager: Mr. Pranav Gokhale