Mumbai: NSE Indices Ltd, a subsidiary of the National Stock Exchange, on Thursday launched the EV and New-Age Automotive Index, designed to track the performance of companies within the EV ecosystem.
This is the introduction of the country's first-ever electric vehicle (EV) index.
"The launch of the Nifty EV and new-age automotive index will facilitate creation of products which will create opportunity for asset managers to invest in the electric vehicle and new-age automotive market thereby providing an investment vehicle to investors," NSE Indices said in a statement.
The government has always been at the forefront of framing policies related to EV adoption so that EVs with the latest technology can be manufactured in the country and attract investments by global EV manufacturers, thereby giving a boost to the Make in India initiative.
The new thematic index has a base date of April 2, 2018, with a base value of 1,000. It will be reconstituted semi-annually and rebalanced quarterly.
The index is expected to serve as a benchmark for asset managers and as a reference index for passive funds, including Exchange Traded Funds (ETFs), index funds, and structured products.
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