Produced by: Basudha Das Designed by: Mohsin Shaikh
Around 11 tax-saving mutual funds or ELSS have changed their names after market regulator Sebi asked fund houses on September 26 to use uniform nomenclature to facilitate easy identification by investors
ELSS funds are equity funds that allow you to save tax while you invest for your long-term goals. They have the dual advantage of tax saving and the potential for better returns
Tax-saving mutual funds have the lowest lock-in period of just 3 years among all the options available in Section 80C. Investment up to Rs.1,50,000 annually is eligible for tax deduction under Section 80C of The Income Tax Act
DSP Tax Saver Fund was renamed as DSP ELSS Tax Saver Fund and has been there for 10 years and 10 months. The fund has Rs 12,086 crore worth of assets under management (AUM) as of 30/09/2023
HDFC Tax Saver was renamed as HDFC ELSS Tax Saver and was launched in 2013. HDFC ELSS Tax Saver Direct Plan-Growth has Rs 11,502 crore worth of assets under management (AUM) as of September 30, 2023
ICICI Prudential Long Term Equity Fund (Tax Saving) was renamed as ICICI Prudential ELSS Tax Saver Fund and was launched in 2013. ICICI Prudential ELSS Tax Saver Fund has Rs 11,337 crore worth of assets under management (AUM) as of September 30
JM Tax Gain Fund was renamed as JM ELSS Tax Saver Fund. The fund was launched in 2013 and has Rs 11,337 crore worth of assets under management (AUM) at the end of September 30, 2023
Mirae Asset Tax Saver Fund was renamed as Mirae Asset ELSS Tax Saver Fund after SEBI's directions. The fund was launched in 2015 and has Rs 17,985 crores worth of assets under management (AUM) as of September 30, 2023
Motilal Oswal Long Term Equity Fund was renamed as Motilal Oswal ELSS Tax Saver Fund after SEBI's directions. The fund was launched in 2014 and has Rs 2,577 crores worth of assets under management (AUM) as of September 30, 2023
UTI Long Term Equity Fund (Tax Saving) was renamed as UTI ELSS Tax Saver Fund and was launched in 2013. UTI ELSS Tax Saver Fund Direct-Growth has Rs 3,178 crores worth of assets under management (AUM) as of September 30, 2023
HSBC ELSS Fund was renamed HSBC ELSS Tax Saver Fund, Invesco India Tax Plan's new name is Invesco India ELSS Tax Saver Fund. WhiteOak Capital Tax Saver Fund was renamed as WhiteOak Capital ELSS Tax Saver Fund. All the fund houses have noted that the terms and conditions of the SID/KIM of these schemes have been kept unchanged