SBI ETF pips HDFC Equity to become country's largest equity scheme

SBI ETF Nifty 50, an exchange traded fund, has nudged past HDFC Equity to become the largest equity scheme in the country, a position the latter had held for more than three years. SBI ETF Nifty has assets worth Rs 19,377 crore compared with Rs 19,093 crore managed by HDFC Equity, data from Value Research shows. Managed by India's highest-paid fund manager Prashant Jain, HDFC Equity has been around for more than 22 years and has consistently featured among the top five largest equity schemes in the past decade. SBI ETF Nifty 50, on the other hand, was launched less than two years ago, making it perhaps the fastest growing equity fund in the history of the Indian fund industry. Future & Option Trading Tips

SBI ETF has benefited from inflows from Employees' Provident Fund Organisation (EPFO) which has been steadily increasing its allocation to equities. It has also got significant money from a clutch of exempt provident funds, said sources. "Change in EPFO regulation as well as investors' preference towards passive funds has played a key role in the surge in ETFs as an asset class. While the EPFO remains a major contributor in our ETFs, we have received significant inflows from insurance and pension funds, exempted PF Trusts, banks and financial Institutions, high net worth individuals and family offices," said D P Singh, executive director and CMO, SBI MF. Financial Astrology Tips