Reliance Nippon Life declined to comment on the development.
In a press note, Kris Walesby, head of ETF Securities Australia, said, "The elections underway in India underscore the huge numbers we are dealing with when it comes to the Indian economy, an investment opportunity we will soon be putting within reach of Australian investors."
ETF Securities expects India's economy to continue to grow at 7 per cent.
“Even with the challenges it now faces, we still think the Indian economy can register annual growth rates of as much as seven per cent, putting it at the head of the pack among major economies,” Walesby said.
However, he added that unnecessary complex procedures remain a concern for foreign investors looking at India.
“Dealing with all the red tape probably explains why no-one else in Australia has attempted the sort of fund we are about to offer," Walesby said.