FM announces new ETF for divestment
DSIJ Intelligence / 05 Aug 2017
Union Finance Minister Arun Jaitley has announced a new Exchange Traded Fund (ETF) by the name BHARAT 22. It consists of 22 stocks of CPSEs, PSBs and strategic holdings of SUUTI.
Union Finance Minister Arun Jaitley has announced a new Exchange Traded Fund (ETF) by the name BHARAT 22. It consists of 22 stocks of CPSEs, PSBs and strategic holdings of SUUTI.
Compared to energy-heavy CPSE ETF, Bharat 22 is a well-diversified portfolio with six sectors viz. basic materials, energy, finance, FMCG, industrials and utilities. The Bharat 22 index will be rebalanced annually. ICICI Prudential AMC will be the ETF manager and Asia Index Private Limited (JV BSE and S&P Global) will be the index provider.
In the budget speech of 2017-18, the FM had promised to use ETF as a vehicle for further disinvestment of shares. The target for CPSE’s disinvestment in 2017-18 was set at Rs 72,500 crore. During the current financial year 2017-18, the government has realised approximately Rs 9,300 crore through nine disinvestment transactions so far.
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