Taking a cue from Prime Minister Narendra Modi's ambitious 'Make in India' and 'Digital India' programmes, Tata Mutual Fund plans to launch two new schemes based on these initiatives
Besides, Tata MF plans to launch four schemes focused on resources and energy, pharma & healthcare, banking and financial services and consumer spaces.
Tata MF has also filed draft documents with Sebi to launch these funds.
The investment objective of the open ended schemes is to seek long-term capital appreciation by investing predominantly in underlying equity oriented sectoral mutual fund schemes.
These schemes are aimed at investment in equity and equity-related instruments of the companies engaged in the sectors such as consumption oriented, industrial & utility, information technology, banking and financial services and pharma & healthcare.
Modi, in September 2014, launched the ‘Make In India’ campaign, with an aim to revive the job-creating manufacturing sector, while the ambitious ‘Digital India’ programme was launched in July this year to address the digital divide and focus on affordability for inclusive development.
Prior to that, ICICI Prudential MF, Pramerica MF, Birla Sun Life MF and Indiabulls MF among others had filed draft papers with Sebi to launch special schemes focused on the manufacturing sector that is expecting a big boost from the Centre’s ‘Make in India’ initiative.