ICICI Prudential MF Launches ICICI Prudential Nifty IT Index Fund

ICICI Prudential Mutual Fund has launched the ICICI Prudential Nifty IT Index Fund, an open-ended index fund tracking the  Nifty IT Index by investing in a basket of Nifty IT stocks and aims to achieve returns of the stated index, subject to tracking error. The new fund offer (NFO) has opened on 28th July and close for subscription on 11th August
 
India's digital economy is estimated to touch $1 trillion by 2025 and several disruptive technologies such as machine learning, edge computing, cloud computing, augmented reality, Internet of Things, blockchain, robotics and artificial intelligence are offering new windows of opportunity.Our dependence on IT for the basic necessities of life is constantly growing and everlasting.The global IT industry is racing towards the $5.2 trillion mark. Exports of Indian IT Industry have grown by 65% in 7 years
 
The IT Industry in India is expected to contribute 10% to the GDP by 2025 and Indian software industry is forecasted to cross the $100 billion mark by 2025.
 
India being inexpensive compared to US is an attractive market for the IT sector. The IT sector outperformed the other sectors over a 3-year horizon.
 
Nifty IT TRI has outperformed the Nifty 50 TRI 5 out of 10 times till 2021.
 

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Changes in Our Business Model
 
 
25th Sept 2020
 
Greetings from Moneylife Advisory Services
 
Between financial years 2019-21, SEBI has come up with extensive changes to investor advisor regulations. On Sep 23, 2020, SEBI had issued new additional guidelines. This comes just two months after extensive changes announced in July 2020. Earlier, in December 2019 there was an ad hoc circular
 
As a result of these changes, IAs, cannot accept fees through credit cards, will have to sign a 26-clause investor agreement, have to maintain physical record written & signed by client, telephone recording, emails, SMS messages and any other legally verifiable record for five years. IAs were already asked to record the suitability and rationale for every piece of advice given, sign them and store them for five years.
 
While these extensive and frequent changes, designed to strengthen the conduct of IAs are well-meaning, these have sharply increased compliance efforts and cost. We, being online advisors, find many of changes harder to implement, compared to advisors working in the physical space. We will have to have an army of advisors, administrative and tech staff to be compliant. If we do this, we will have to divert money to these areas and the cost of our service will double. We want to remain the least-cost service in the market to benefit more and more people. In the circumstances, we are forced to change our business model from “advisory” to “research”. This will mean the following:
 
What remains the same:
  • Recommendations on insurance, investment and Lion stocks, will continue as a part of the MAS premium subscription. Our strength has always been research and this will remain available to you through our recommendations.
  • The magazine and all textual content will remain as part of the service
  • We will have to suspend the restructuring tool.
 
What changes:
  • The interactions in Ask / Handholding will offer investment advice but not specific to your situation. It will offer information on investment products and also clarify your doubts about various financial products. It will be a forum for information, not for advice. This will be implemented with immediate effect and our guidelines in Ask, reflect this now.
 
Over the next few weeks our site and our communication to you will reflect these and other additional changes.
 
We feel this will not affect you much in terms of what really matters in investing: knowing what to buy and when to buy. This is our edge and it will still be available to you.
 
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Debashis Basu
Founder