SBI Mutual Fund, the largest fund house based on assets managed, has announced the launch of SBI Nifty 500 Index Fund, an open-ended scheme replicating/ tracking Nifty 500 Index.

The new fund offer or NFO of the scheme will open for subscription on September 17 and will close on September 24.

The fund will be benchmarked against Nifty 500 - TRI and will be managed by Viral Chhadva.

According to the press release by the fund house, the fund will give an opportunity to invest in a single index, Nifty 500 index, which includes the top 500 stocks by market capitalization covering the large-cap, mid-cap and small-cap segments.