New Delhi: After filing papers for more than 10 new schemes with the Securities and Exchange Board of India (SEBI) last month, the Sachin Bansal-backed Navi Mutual Fund Draft documents have been filed for four more funds, including a electric vehicle fund. Most of the documents have been filed for passively managed funds as the fund house wants to break into this category.

The fund house has filed papers with SEBI to launch an electric vehicle fund- Navi Electric Vehicles and Driving Technology Fund of Fund (FOF).

“The investment objective of the scheme is to provide long-term capital appreciation by investing in units of foreign ETFs (exchange-traded funds and/or index funds that invest in electric vehicles and driving technology),” the draft documents showed.

The Fund of Funds will be benchmarked against the STOXX Global Electric Vehicles & Driving Technology Net Index.

In addition, the fund house has filed documents for Navi Nifty India Manufacturing Index Fund and two international funds – Navi S&P 500 FOF and Navi Total China Index FOF.

The fund house last month filed papers for 11 schemes, including the Navi Total US Stock Market FoF, that would allow Indian investors to invest in the Vanguard Total Stock Market Index Fund ETF.

In July, the fund house had launched Navi Nifty 50 Index Fund With an expense ratio of 0.06 per cent for its direct plan offering, which is by far the lowest among the index plans category.

Flipkart co-founder Bansal acquired Essel Mutual Fund From Essel Group in February 2021 and changed its name to Navi Mutual Fund.

With inputs from PTI.