Zerodha, after receiving approval from market regulator SEBI for its asset management company, has introduced its first passive mutual funds: Zerodha Nifty LargeMidcap 250 Index Fund and Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund. These open-ended, passive, and index equity mutual fund schemes will be benchmarked against the Nifty LargeMidcap 250 Index TRI (total returns index). The ELSS scheme offers a statutory lock-in period of three years and tax benefits under Section 80 (C) of the Income-tax Act. The minimum SIP investment for the index fund is Rs 100, while the ELSS fund has a minimum threshold of Rs 500. The competition in the Indian asset management space has been intensifying, with various firms entering the market.