Standard Chartered Tax Saver (ELSS) fund is the latest to join the ranks of ELSS funds. The investment objective of the Scheme is to generate long-term capital growth from a diversified portfolio of predominantly equity and equity-related securities.
Although it is structured as a ten year close- ended equity linked savings scheme, the lock-in period will be the usual three-year duration from the date of allotment.
The intended asset allocation reads as: 80 - 100 per cent in equity, 0 - 20 per cent in debt and money market instruments, 0 - 20 per cent in securitized debt instruments. There are no entry or exit loads applicable. Expenses will be amortised over a period of ten years, in case an investor exits before maturity the AMC will recover the balance proportionate unamortised issue expenses.
Snapshot
Unit cost during NFO: Rs 10
Type of fund: Close-ended ELSS
Options: Growth, Dividend reinvestment, Dividend payout
Minimum investment: Rs 500
Fund Manager: Kenneth Andrade
Offer opened: November 20, 2006
Offer closes: February 23, 2007
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