Plan A will track the BSE Sensex and plan B the NSE Nifty. The objective will be to track the respective indices and the Index Fund will therefore be a "passive" fund and not an "active" one. The corpus under both the plans would be invested in the respective indices to the extent of the weightage of each of the stocks in the indices.

The fund will be an open-ended one with an initial lock-in period of six months. After the lock-in period is over, investors will have the option to exit from the plan at any time as well as exercise a lateral shift and move into any one of the other schemes of JM Mutual Fund.

The fund will be the first index fund in India which will offer investors with investments as small as Rs 1,000.