Mumbai:
Standard
Chartered Mutual Fund (SCMF) has launched a ts closes-ended
tax saver fund, The Standard Chartered Tax Saver (ELSS)
Fund. This is the sixth equity offering from Standard
Chartered AMC. This ten-year close-ended fund does not
attract an entry load during the NFO, though a charge
maybe levied as a percentage of NAV at time of exiting
from the scheme.
The
fund is open for subscription till 23 February, 2007,
and will invest in equity and equity-related instruments.
With
a minimum subscription of Rs500 and in multiples of
Rs10, the new fund will help investors avail of tax
benefits and also seek to generate long-term capital
growth from a diversified portfolio of predominantly
equity and equity related securities. The scheme will
invest in well-managed growth companies that are available
at a reasonable value and offer a high return growth
potential.
According
to Naval Bir Kumar, managing director, Standard Chartered
Mutual Fund, "While most investors get into the
traditional instruments for tax saving in the rush of
getting their investments in order, they ignore the
fact that some of them attract taxes on interest or
maturity. The totally tax free nature of The Standard
Chartered Tax Saver (ELSS) fund along with the potential
for higher returns over fixed income instruments makes
it a wise tax saving option."
Standard
Chartered Mutual Fund manages assets over Rs10,000 crores
and over 200,000 investor accounts.
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