Govt announces new exchange-traded fund 'Bharat-22'

Finance Minister Arun Jaitley on Friday announced creation of a new exchange-traded fund (ETF) -- Bharat-22 -- that will comprise shares of 22 central public sector enterprises, state-owned banks and some holding in SUUTI.

Bharat-22 will cover six sectors, he told reporters here. It will feature four banking stocks -- SBI, Axis Bank, Bank of Baroda and Indian Bank -- other than CPSEs such as Nalco, ONGC, IOC, BPCL and Coal India.Besides, there will be nine other PSUs as well as REC and PFC. SUUTI's holding in ITC has also been included.

Ninety per cent of the equities included are traded in futures. ICICI Prudential is the fund manager.