Motilal Oswal Mutual Fund files for India's 1st US Equity ETF based on the 'NASDAQ 100-Index(R)'
Mumbai & New York, N.Y., 1 December, 2010: Motilal Oswal Asset Management Company Ltd and The NASDAQ OMX Group, Inc. (NASDAQ: NDAQ) have announced the filing of the draft Scheme Information Document (SID) with SEBI for the Motilal Oswal MOSt Shares NASDAQ-100 ETF (MOSt Shares N100), an open ended index ETF, which seeks to track the NASDAQ-100 Index®.
- (1888PressRelease) December 03, 2010 - This will be India's first US Equity based exchange traded fund (ETF), once it is approved by the Indian regulators.
The NASDAQ-100 Index® is made up of the 100 largest non-financial companies listed on The NASDAQ Stock Market®. The NASDAQ 100-Index is developed and maintained by The NASDAQ OMX Group, the world's largest exchange company.
With the surge in popularity of technology stocks, the NASDAQ-100 Index® has become the premier benchmark for high-tech investors as well as one of the most followed indexes in the world.
Commenting on the filing, Mr. Nitin Rakesh, MD & CEO of Motilal Oswal AMC commented, "MOSt Shares N100 will be a unique offering. It aims to provide Indian investors with a global, diversified, rupee denominated, Indian market hours access to high growth NASDAQ-100 Index companies such as Google, Microsoft, Apple and other leading global companies."
Investing in the ETF does not impact overseas investment limits and is treated at par with all Indian mutual fund investments while trading like a share on Indian stock exchanges.
"We plan to launch more such specialized first of their kind world leading products which help investors create a well diversified portfolio from global assets" added Mr. Rakesh.
"Once MOSt Shares N100 is approved by regulators, investors in India will have exposure to one hundred of the world's most innovative non-financial companies," said John Jacobs, Executive Vice President, NASDAQ OMX. "It is only fitting that the MOSt Shares N100 will be the first ETF listed in India based on a U.S. equity index, as the NASDAQ-100 Index is the basis of nearly 1700 investment products in more than 37 countries. The MOSt Shares N100 brings innovative investment opportunities to local investors in India, the world's largest democracy."
Once Approved, MOSt Shares N100 will add to the expanding MOSt Shares platform. Motilal Oswal's flagship MOSt Shares M50 had received a tremendous response from investors with the NFO raising over INR 235 crores.
For more information please contact:
Alpesh Nakrani / Anirudh Rajan
Paradigm Shift Public Relations
Mob: +91 9869121167 / +91 9892343828
Tel: +91 22 22813797 / 98
Mr. Hari Krishnan
Motilal Oswal Asset Management Company Ltd
Mob: +91 9820520392
Ph: +91 22 39825500