Success of Modi-backed fund may boost ETF sales in India

Hong Kong

THE success of an exchange-traded fund backed by Prime Minister Narendra Modi's government may help boost the acceptance of such products in the world's second-fastest growing ETF market.

Investors poured 92 billion rupees (S$1.97 billion), or 3.7 times the targeted amount, into a fund of the top 10 state-run companies, according to Reliance Mutual Fund, which manages the pool.