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SBI Mutual Fund has filed offer document with SEBI to launch an open-ended scheme named ‘SBI Nifty 500 Index Fund’. Offer price will be Rs 10. Entry load will be nil. For exit on or before 15 days from the date of allotment exit load will be 0.25%; For exit after 15 days from the date of allotment exit load will be Nil. The Scheme offers Growth Option and Income Distribution Cum Capital Withdrawal Option for investment. The minimum target subscription amount for the Scheme to be raised is Rs 5 crore.

The performance of the scheme will be benchmarked by Nifty 500 TRI Index. The minimum application amount is Rs 5000 and in multiples of Re. 1 thereafter.

The investment objective of the scheme is to provide returns that, correspond to the total returns of the securities as represented by the underlying index, subject to tracking error.