New Delhi: Finance Minister ArunJaitley today announced a new Exchange Traded Fund (ETF) named BHARAT 22 which consists of 22 scrips including ONGC, IOC, SBI and Axis Bank.
ETF functions like a mutual fund scheme and is bought by investors as units.ICICI Prudential AMC will be the ETF Manager and Asia Index Private Limited will be the Index Provider. The index will be rebalanced annually.
Talking to reporters in New Delhi, Finance Minister ArunJaitley said, Bharat-22 will have a diversified portfolio of six sectors, including energy, FMCG, finance, basic material and industrial and utilities.