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Axis Mutual Fund (MF) has launched Axis Nifty IT Index Fund, an open-ended Index Fund tracking the NIFTY IT TRI. The NFO opens for subscription on June 27, 2023 and closes on July 11, 2023. The Entry load is not applicable for the scheme. The Exit load will be 0.25%, if redeemed or switched out within 7 days from the date of allotment and nil, if redeemed / switched out after 7 days from the date of allotment. The minimum subscription amount is Rs 5,000 and in multiples of Re 1 thereafter.

The performance of the scheme will be benchmarked against NIFTY IT TRI and its fund manager is Hitesh Das.

The investment objective of the scheme is to provide returns before expenses that corresponds to the total returns of the NIFTY IT TRI subject to tracking errors.