India, Feb. 1 -- The first mutual fund based on women's leadership in the corporate sector has been lined up for the Indian market. The asset management outfit promoted by institutional money manager Motilal Oswal has worked out a fund to track MSCI India Women's Leadership Select 30 Total Returns Index.

Motilal Oswal, which has filed its offer document with the securities regulator, aims to replicate the performance of select companies that exhibit a commitment towards gender diversity among their boards of directors and leadership positions.

The eligibility conditions are stiff. A company, for instance, needs to have at least 3 female directors or at least a female director and a woman in leadership. The share (percentage) of female d...