Kotak Mahindra MF files offer document

Kotak Mahindra Mutual Fund has filed offer documents for an exchange traded fund, Kotak Banking ETF, with Sebi. The open-ended scheme will track CNX Bank Index by investing at least 90% of its corpus in shares of banks. Investment in money-market securities will be limited to 10%. Units of the scheme will be listed on NSE as well as BSE. Meanwhile, huge inflows in flexi debt, liquid, and short-term floater funds lifted the assets under management of Kotak Mahindra Mutual Fund in May by nearly 30% to rs 16,723 crore.