New Delhi, Dec 20 (PTI) The National Stock Exchange (NSE) on Wednesday said seven passive funds tracking Nifty Indices have been introduced in Japan and Korea this year, suggesting a strong demand from global asset managers for launching such India-focused products.

Of these, six products are tracking Nifty 50 and one product is tracking Nifty50 2x leverage index.

Also Read | SBI Clerk Prelims Exam 2023: Admit Card for Preliminary Examination of Junior Associates Likely To Be Released Soon at sbi.co.in, Know How To Download.

"These new products have garnered Assets under Management (AUM) of about USD 550 million," the National Stock Exchange (NSE) said in a statement.

At present, there are 21 passive funds tracking Nifty Indices outside India. In addition, there are 270 passive funds tracking various Nifty Indices in India.

Also Read | DU Recruitment 2023: Vacancies Notified for 51 Assistant Professor Posts, Apply Online at colrec.uod.ac.in.

In the last 10 years, the total AUM of passive funds tracking Nifty Indices in India and outside has increased to about USD 70 billion in November 2023 from about USD 1 billion in November 2013, growing at an annualized rate of 53 per cent.

"We are seeing a strong demand from global asset managers for launching India-focused passive products. The year 2023 has been historic for NSE Indices with seven passive products launched outside India on Nifty indices and they also garnered good AUM," Mukesh Agarwal, MD & CEO, NSE Indices, said.

"We expect this trend to continue and many more India focused passive products are expected to be launched outside India in 2024 as well," he said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)