ETF Securities Thursday launched the first Indian ETF in Australia, and Reliance Nippon Life Asset Management Ltd (RNAM) has entered into an arrangement with the former to provide advisory services to investors.
Listed on the Australian Securities Exchange with the code NDIA, the ETF will provide Australian investors a unique opportunity to tap into the world's fastest-growing major economy, RNAM said in a statement.
NDIA tracks India's Nifty 50 Index, which holds the country's fifty-biggest companies listed on the National Stock Exchange (NSE), it said.
It accounts for 13 sectors representing about 66.80 per cent of the free float market capitalisation of the stocks listed on the NSE, it added.
"This product offers investors the chance to gain exposure to a USD 2.6-trillion economy that still has tremendous potential to grow as India reaps the benefits of structural reforms," ETF Securities Australia Head Kris Walesby said.
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