Nippon India Mutual Fund Nippon India ETF Nifty 50 Shariah BeES
Halal Investing in Madhya Pradesh
India's only Shariah equity ETF, listed on NSE under symbol SHARIABEES since 18 March 2009 (formerly Nippon India ETF Shariah BeES). An open-ended index ETF that passively tracks the Nifty50 Shariah TRI by holding index constituents in index proportions. Base expense ratio 0.82%, fund size Rs 55.34 crore month-end, tracking error 0.09% (36-month), all per the fund-wise factsheet with details as on June 30, 2026. Buy from 1 unit through any demat account; NAV Rs 474.03 as on 06 Aug 2026; entry load not applicable, exit load nil; creation unit size 10,000 units for direct transactions with the AMC (crawled mf.nipponindiaim.com 2026-08-06).
Shariah BeES is the structural purist's pick: compliance is enforced by the index itself, with TASIS screening Nifty 50 constituents monthly under thresholds tighter than AAOIFI's, and the mechanics (no exit load, single-unit trades) are genuinely investor-friendly. The trade-offs are concentration and cost. Seventeen stocks with a third of the weight in two IT names is not diversification, 0.82% is steep for passive, and the Rs 55 crore book means you should use limit orders. It pairs naturally with Tata Ethical or Taurus Ethical for broader-universe active exposure. That the AMC itself stays silent on Shariah governance is worth knowing: your compliance guarantee is the index contract, not the fund house.
Pros
- Cheapest intraday-tradable Shariah exposure in India, with no exit load
- Index-level screening is more conservative than global peers (2.5% interest income cap vs 5% AAOIFI)
- Discipline is structural: non-compliant stocks are replaced by the index monthly, not at a fund manager's discretion
- 17-year listed track record with 11.71% CAGR since inception (as on June 30, 2026)
Cons
- Tiny at Rs 55 crore, so on-exchange liquidity and spreads need care with limit orders
- Only 17 constituents; Infosys and TCS dominate (index top-weights 16.75% and 10.20% at July 31, 2026)
- 0.82% is expensive by ETF standards (Nifty 50 ETFs cost under 0.10%)
- 1-year return -14.21% vs -13.35% for the index and -5.42% for the plain Nifty 50 TRI (as on June 30, 2026)
- No AMC-level Shariah board or fund-level purification notices
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Product Details
Type
ETF
Expense Ratio
0.82% base expense ratio (factsheet, details as on June 30, 2026)
Min Investment
1 unit on NSE (about Rs 474 at 06 Aug 2026 NAV); creation unit 10,000 units directly with the AMC
Screening Method
TASIS screening of Nifty50 Shariah for NSE Indices: business exclusions plus interest-based debt <= 25% of total assets, interest income <= 2.5% of total income, receivables plus cash <= 90% of total assets; monthly compliance screening with Income Purification Ratio published
Nippon India Mutual Fund in Madhya Pradesh
Nippon India Mutual Fund's Nippon India ETF Nifty 50 Shariah BeES is accessible to investors in Madhya Pradesh, structured as Passive ETF tracking Nifty50 Shariah TRI: India's halal investing shelf is digital, so region matters less than fees, minimums, and who certifies the screening. The product reports an expense ratio of 0.82% base expense ratio (factsheet, details as on June 30, 2026). Minimum investment: 1 unit on NSE (about Rs 474 at 06 Aug 2026 NAV); creation unit 10,000 units directly with the AMC. Nippon India Mutual Fund operates across India, so Madhya Pradesh residents have full access to this product.
Our Take on Nippon India Mutual Fund
Shariah BeES is the most structurally honest halal product in India: nobody's judgment sits between you and compliance, because the Nifty50 Shariah index kicks out non-compliant stocks monthly under TASIS screens that are stricter than global standards. The costs are concentration (17 stocks, a third of weight in two IT names), a tiny Rs 55 crore book that demands limit orders, and a fee (0.82%) that is cheap for the category but expensive for an ETF. Best used as the passive core alongside an active fund, not as a sole holding.
How Nippon India Mutual Fund Works
Buy on NSE
Purchase SHARIABEES like a stock from 1 unit through any demat/trading account; use limit orders given the small book.
Index handles compliance
TASIS screens constituents monthly; non-compliant stocks are replaced at month-end without your involvement.
Purify yourself
The AMC publishes no purification notices; apply the index methodology's Income Purification Ratio concept or a screening app's purification calculator.
Financing Structure
Open-ended index ETF under SEBI regulations. Shariah compliance is not a fund-level mandate but an index-level property: the underlying Nifty50 Shariah is screened monthly by TASIS under contract to NSE Indices, and the fund mechanically replicates it.
In-Depth Analysis
Nippon India ETF Nifty 50 Shariah BeES (NSE: SHARIABEES, ISIN INF732E01128) is the sole exchange-traded Shariah product in Indian equities, listed since 18 March 2009 and formerly branded Reliance/Nippon India ETF Shariah BeES. It passively replicates the Nifty50 Shariah TRI, holding the index's 17 constituents in index weights.
The compliance architecture is the story. NSE Indices Limited contracts TASIS to apply business screens (excluding conventional financial services, alcohol, gambling, tobacco, vulgar entertainment and similar) and financial screens that are deliberately conservative for the Indian environment: interest-based debt at or below 25% of total assets, interest income at or below 2.5% of total income, and receivables plus cash at or below 90% of total assets. Screening runs monthly, and replacements are implemented from the last working day of the month. TASIS also publishes an Income Purification Ratio concept for investors to purge pro rata interest income.
The numbers from the June 30, 2026 factsheet: Rs 55.34 crore month-end AUM, 0.82% base expense ratio, 0.09% tracking error over 36 months, and returns of -14.21% (1-year), 1.76% (3-year annualized), 1.55% (5-year annualized) and 11.71% since inception against the TRI benchmark. Since-inception tracking difference of about -1.25% annualized approximates the historical cost drag. Concentration is severe by design: Infosys (16.75%) and TCS (10.20%) headline an index where IT is 37.38% of weight (index factsheet, July 31, 2026).
What the AMC does not provide matters too: no Shariah board, no fund-level purification notices, no halal marketing. Your compliance guarantee is the NSE-TASIS contract, which is arguably more durable than any single fund house's committee - but investors should understand that distinction before buying.
Shariah Compliance Details
- Underlying index screened by TASIS for NSE Indices; monthly compliance screening (NSE methodology, August 2026, crawled 2026-08-06)
- TASIS financial norms: debt <= 25% of total assets; interest income <= 2.5% of total income; receivables + cash <= 90% of total assets
- Income Purification Ratio published at methodology level
- No AMC-level Shariah board or certificates
How Nippon India Mutual Fund Compares
Against Tata Ethical: the ETF is passive, mechanically compliant, and cheaper than Tata's regular plan but pricier than its direct plan; Tata gives an actively managed broader universe with purification support. Against Taurus: same active-vs-passive trade with Taurus's printed screens but weaker certification. There is no other Shariah ETF or index fund in India to compare against - this is the only one, which is itself the most important fact for portfolio builders.
Active, TASIS-certified fund with purification publication; direct plan is cheaper than the ETF.
Active BSE-benchmarked alternative with printed screening ratios.
New ethical entrant benchmarked to the broader Nifty 500 Shariah.
Bottom Line
The one-trade way to own TASIS-screened Indian large caps with compliance on autopilot. Size it as a core sleeve, accept the IT concentration, and use limit orders.
Read full Nippon India Mutual Fund reviewShariah Compliance & Oversight
Nippon India Mutual Fund discloses no Shariah board of its own for this ETF. The underlying Nifty50 Shariah index is screened by TASIS under contract to NSE Indices Limited, with monthly compliance screening and replacement of non-compliant constituents. TASIS's Shariah Supervisory Board comprises Mufti Abdul Kadir Barkatulla, Mufti Khalid Saifullah Rahmani and Dr Hafiz Mohammad Iqbal Nadvi (NSE Indices methodology document, August 2026, crawled 2026-08-06).
Purification: Income Purification Ratio concept published in the NSE Indices Shariah methodology; the AMC does not publish fund-level purification notices
2026-08-06
Why It's Halal
Compliance is inherited from the index: NSE Indices Limited contracts TASIS (Taqwaa Advisory and Shariah Investment Solutions) to screen Nifty50 Shariah constituents monthly. TASIS business screens exclude conventional financial services, alcohol, gambling, tobacco, vulgar entertainment and similar sectors; financial screens require interest-based debt at or below 25% of total assets, interest income at or below 2.5% of total income, and receivables plus cash at or below 90% of total assets - more conservative than most global Shariah indices. The methodology also publishes an Income Purification Ratio so investors can purge pro rata interest income (NSE Indices methodology document, August 2026, crawled 2026-08-06). Honest caveats: the AMC itself discloses no Shariah board and the fund is not marketed as certified by Nippon - the Shariah layer lives entirely at NSE Indices/TASIS level - and the ETF's tracking difference has run about -1.2% annualized since inception against the TRI.
Regional Availability
Nippon India Mutual Fund serves all of India
✓ Available nationwide including Madhya Pradesh
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Total Value
₹3,43,778
Contributed
₹1,30,000
Growth
₹2,13,778
Hypothetical projection. Past performance does not guarantee future results.
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Important: HalalWallet provides educational information and comparisons to help you explore halal financial options. We do not provide financial, legal, or religious advice. Product structures and Shariah compliance oversight vary by provider. Always verify halal compliance directly with providers and consult with qualified Islamic finance advisors or scholars for guidance on specific products and your individual circumstances.