NE BUSINESS BUREAU
MUMBAI, APRIL 24
Motilal Oswal Asset Management Company (MOAMC) on Friday announced that it has completed the NFO of the Motilal Oswal S&P 500 Index Fund, an open-ended scheme replicating/tracking S&P 500 Index. It’s an Index fund that helps investors invest in the world’s largest brands in the world’s largest Index – the S&P 500 Index. This was probably for the first time in India that a mutual fund NFO has been marketed and transacted exclusively through digital modes of transaction, a company spokesman said.
Speaking on the NFO, Aashish Somaiyaa, MD & CEO, MOAMC said, “The S&P 500 Index Fund in line with our Nasdaq100 offering and the entire series of Nifty index funds is an endeavor to provide an array of building blocks for effective asset allocation solutions to investors and intermediaries like wealth managers, financial planners, and robo-advisors alike. Neither had we planned on this being a digital-first NFO nor the exact timing of the launch. But, the COVID 19 crisis necessitated that we execute this NFO differently. I am thankful to the entire ecosystem of investors, digital platform providers, and intermediaries for their efforts and engagement.”
For this NFO, besides the company website and app, investments have been received through various intermediaries transacting on the BSE, NSE, MFU platforms and various other leading digital investing platforms such as Motilal Oswal, ICICIDirect.com, IIFL Securities, HDFC Securities, PaytmMoney, Groww, Zerodha Coin, Kuvera and others.
While the AMC had filed for regulatory approvals in January 2020, approvals were received amidst the COVID 19 crisis and hence all marketing, investor and distributor communication, engagement, as well as transactions, were executed digitally while Working From Home.
Pratik Oswal, Head, Passive Funds Business, MOAMC added, “In our continuous effort to provide innovative and differentiated products via the ‘First time in India’ Motilal Oswal S&P 500 Index Funds NFO, we have provided investors in India access to simple, cost-effective and innovative investing products. The S&P 500 Index Fund is one more of such initiatives. The digitally only NFO could be a precursor of the way NFOs would be launched and presented in future as well. Big thanks to my colleagues at the AMC for their tireless efforts in the NFO.”
The Motilal Oswal S&P 500 Index Fund would open again for investing from April 29, 2020 onwards.
