Widely read:
Tata Mutual Fund has launched a close-end tax-planning equity fund. Named as Tata Tax Advantage Fund-1, the scheme is open for initial subscription between January 16 and February 20, 2005. As the scheme is close-ended, no investment would be accepted after the closure of the new fund offer period. However, investors can withdraw money after completion of three years of their investment (as all ELSS funds come with a three-year lock-in).
At any given point in time, the fund would invest at least 80 per cent of its assets in equities, while it can invest up to 20 per cent of its assets in debt and money market instruments.
Benchmarked against the Sensex, the fund would require a minimum investment of Rs 500. The fund would charge an entry load of 2 per cent.
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