India's Kotak plans ETF linked to NSE index

MUMBAI, May 16 (Reuters) - Indian mutual fund firm Kotak Mahindra Asset Management on Friday filed initial papers with the market regulator to launch an exchange traded fund (ETF) tracking the 50-share S&P CNX Nifty index .

ETFs are listed on stock exchanges and offer investors exposure in underlying shares or other assets. They tend to be more liquid than traditional funds and charge lower management fees due to their passive index-tracking model.

Kotak Nifty ETF, part of the fund firms's strategy to strengthen its basket of passively managed funds, will join Kotak's three existing ETFs, including one linked to India's benchmark index , which closes for subscription today.

The firm filed for another ETF last week that will track CNX Nifty Junior index . (Reporting by Nishant Kumar; editing by Prem Udayabhanu)