PHOTO
The Abu-Dhabi-based asset management firm Lunate Capital has launched a Shariah-compliant India ETF that will list on the Abu Dhabi Securities Exchange (ADX), with subscriptions staring today.
The Chimera S&P India Shariah ETF will track the performance of Shariah-compliant Indian equities listed on the Bombay Stock Exchange.
Investors can subscribe through the authorised participants as well as the ADX eIPO portal from today, until January 17, 2024.
The Chimera S&P India Shariah ETF is the ninth sub-fund under the Securities and Commodities Authority (SCA)-registered Chimera Umbrella Fund, and will include large-cap Indian stocks Reliance Industries, Infosys, and Tata Consultancy Services.
The fund is an Income Share Class Bm which is planned for listing on the ADX on January 26. Dividends will be distributed on a semi-annual basis.
The ETF will be managed by Lunate Capital, while BNY Mellon will act as the ETFs’ global custodian. Authorised participants for the fund include International Securities, EFG-Hermes, Arqaam Securities, FAB Securities, Daman Securities, and BHM Capital.
(Writing by Bindu Rai, editing by Seban Scaria)
