Chandigarh, 16 October 2026: Axis Mutual Fund, one of India's leading mutual fund companies, announced the launch of the Axis Nifty EV & New Age Automotive Index Fund, positioned as India's first index fund tracking the Nifty EV & New Age Automotive Index. The open-ended scheme aims to replicate the performance of the Nifty EV & New Age Automotive TRI, subject to tracking error. The fund offers investors a passive investment avenue to gain exposure to companies across the evolving electric mobility and new-age automotive ecosystem. The New Fund Offer (NFO) will open on October 16, 2026 and close on October 30, 2026.
Commenting on the launch, B Gopkumar, MD & CEO, Axis AMC, said, “India's transition towards electric mobility represents a significant shift in the automotive landscape, with implications extending beyond transportation to energy security, domestic manufacturing and technological innovation. Improving EV economics, technological advancements, and supportive policy measures are further driving adoption. We believe these developments are reshaping the automotive industry and creating long-term opportunities across its supporting ecosystem.”
“At Axis Mutual Fund, our focus is on providing investors with access to emerging investment themes through simple, transparent and disciplined solutions. With the Axis Nifty EV & New Age Automotive Index Fund, we aim to offer a rules-based investment avenue that provides exposure to different segments of the automotive value chain. The launch further strengthens our passive investment offerings, enabling investors to participate in the industry's long-term development through a single fund”, he further added.
Understanding the Nifty EV & New Age Automotive Index
EV penetration in India has increased from less than 1% in FY21 to 9.4% in FY26. The Nifty EV & New Age Automotive Index represents companies involved in the development of electric vehicles and new-age automotive technologies. The index selects eligible companies from the Nifty 500 universe after applying prescribed liquidity and eligibility criteria. Its methodology covers six groups spanning vehicle manufacturers, battery makers, component manufacturers, raw material suppliers, advanced automotive technology providers and eligible companies under specified government schemes. As of September 30, 2026, large-cap companies accounted for 44% of the index, while mid-cap and small-cap companies represented 29% and 27%, respectively. The index is reconstituted and rebalanced semi-annually in March and September.
Axis Nifty EV & New Age Automotive Index Fund
The Axis Nifty EV & New Age Automotive Index Fund seeks to provide returns before expenses that correspond to the performance of the Nifty EV & New Age Automotive TRI, subject to tracking error. The scheme aims to invest in the constituents of the underlying index, providing exposure to companies operating across different parts of the electric mobility ecosystem through a single fund. Its passive investment approach is designed to reflect the composition of the benchmark, with portfolio adjustments made in line with changes to the index.
The fund offers investors an avenue to participate in the automotive industry's ongoing evolution, supported by developments in EV technology, battery economics and charging infrastructure. By following a predefined index methodology, the scheme provides exposure to the theme without requiring investors to select individual companies. It is designed for investors seeking long-term wealth creation through thematic equity exposure, while recognising the market risks associated with such investments. There is no assurance that the investment objective of the scheme will be achieved.
