Which company is coming out with India’s First fundamentally weighted ETF based on Nifty 50?

it's motilal oswal who have come out with MOST 50!

Most Shares M50’ is slated to be first funda-mentally weighted exchange traded fund (ETF) based on S&P CNX Nifty Index (Nifty) in the Indian stock market.

It's an open ended exchange traded fund. The fund aims to generate investment return that corresponds (before fees and expenses) generally to the performance of ‘MOst 50’ basket subject to tracking error.

see here:http://economictimes.indiatimes.com/articleshow/6103466.cms