Axis Mutual Fund launches India’s first EV Index fund, NFO opens October 16
The New Fund Offer opens on October 16, 2026, and closes on October 30, 2026, with a minimum investment of ₹100
Axis Mutual Fund has introduced India's inaugural EV Index fund, the Axis Nifty EV & New Age Automotive Index Fund, marking the nation's first index fund tracking the Nifty EV & New Age Automotive Index. The New Fund Offer commences on October 16, 2026, and concludes on October 30, 2026, with a minimum investment requirement of ₹100.
This open-ended passive scheme aims to replicate the Nifty EV & New Age Automotive Total Returns Index, granting investors exposure to entities throughout the electric vehicle value chain, encompassing vehicle manufacturers, battery producers, component suppliers, raw material providers, and advanced automotive technology firms.
The fund is overseen by Nandik Malik and Rohit Gautam. According to data from September 30, 2026, the underlying index comprises 44% large-cap stocks, 29% mid-caps, and 27% small-caps. B Gopkumar, MD & CEO of Axis AMC, expressed that the fund seeks to provide a rules-based, transparent investment vehicle into the evolving automotive ecosystem, fueled by improving EV economics, policy advantages, and technological advancements. An exit load of 0.25% applies if the investment is redeemed within 15 days of allotment.
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