Mirae Asset plans new EV and Automotive ETF, awaits SEBI approval

Mirae Asset Investment Managers (India) awaits SEBI's approval to launch India's pioneering electric vehicles (EV) and new-age automotive-focused exchange-traded fund (ETF). This initiative follows the recent introduction of the Nifty EV & New Age Automotive Index by the National Stock Exchange (NSE). \r

The ETF, designed as an open-ended scheme, aims to replicate the Nifty EV & New Age Automotive Total Return Index, managed by NSE Indices. It will include companies from the EV and new-age automotive sectors, including those involved in the PLI scheme, SMEV, and FAME initiative. Mirae Asset plans this as its sixth NFO in 2024. \r

This move aligns with the increasing adoption of EVs in India, supported by government initiatives and a growing market for electric vehicles.