The National Stock Exchange (NSE) on Wednesday said the volume of exchange traded funds (ETFs) based on the Nifty 50 index has surged six-fold during the last fiscal.
Assets under management (AUM) of these ETFs increased to Rs 8,533 crore as on March 31, 2016, as compared to Rs 1, 251 crore a year ago.
"ETFs are well researched, relatively small value and low cost products thus they suit the need of retail investors. We believe that current and upcoming ETFs will give various investment options to the retail investors and be instrumental in wealth creation," said India Index Products & Services' CEO Mukesh Agarwal.
ETFs are group of securities which are traded like individual stocks on an exchange.
Investor confidence has increased in equity-based ETFs during the last fiscal year. The total AUM of equity ETF industry reached Rs 15,066 crore as on March 31 from Rs 7,231 crore a year ago, said the stock exchange in a statement.
--IANS
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