An ELSS as a tax-saving option is mostly preferred by younger taxpayers
Becomes first fund house to shift from active to passive in ELSS
Those desiring index-beating returns, but willing to tolerate underperformance, may choose the active plan
But regulator says AMCs must shut existing active scheme before offering a passive one
These funds can fetch double-digit returns over long term which debt tax-saving products can't
Some see potential in the newly introduced passive option, other see promise in active ELSS
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The scheme, which opened for subscription on Thursday, will mimic the Nifty 50 index
Foreign portfolio investors (FPIs) have continued to offload Indian shares this month, selling stocks worth over Rs 39,000 crore
Underperformance of active funds could further spur growth in ETFs
Recent correction means a good chance to enter these tax-savers
The fund has outperformed the benchmark (S&P BSE 500 TRI) and its peers (funds ranked under the ELSS category in December 2021 CMFR) in the past 1-, 2-,3-,5-, 7- and 10-year trailing periods
Banks have made a case for lowering fixed deposit (FD) tenure to three years for availing tax benefits, in line with mutual fund products like equity-linked savings scheme (ELSS)
High inflation in commodity costs and supply chain disruptions are also likely to favour organised players
Investors in higher tax brackets may avoid products taxed at the slab rate
The combination of high returns and short lock-in they offer is not matched by other Section 80C products
Of all types of investments deductible under Section 80C, ELSS tends to be one of the most popular and efficient tax-saving instruments. Here is all that you need to know about ELSS funds
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Some of the tests include, cash flow stress, balance sheet and debt stress, and regulatory stress, fund house will initially launch a flexicap scheme followed by a global active fund and an ELSS