Moneycontrol
Nov 11, 2017 10:57 AM IST | Source: Moneycontrol.com

ICICI Prudential Mutual Fund seeks SEBI approval for 10-year ELSS fund

The scheme that is called, ICICI Prudential Long Term Wealth Enhancement Fund will deploy at least 80 percent of its corpus in Equities

Himadri Buch @himadribuch

ICICI Prudential Mutual Fund has filed an offer document with the Securities and Exchange Board of India seeking approval to launch a 10-year close-ended fund, according to a draft offer document on SEBI website.

The scheme called, ICICI Prudential Long Term Wealth Enhancement Fund, will deploy at least 80 percent of its corpus in equities, cumulative convertible preference shares and fully convertible debentures and bonds  of companies.

It also has the provision to invest up to 20 percent of its assets in debt and money market instruments.

ELSS schemes can be used to save income tax of up to Rs 1.5 lakh under Sector 80C of the Income Tax Act.

Other features:

Plans: Direct

Options: Growth and dividend

Minimum investment: Rs 500 and in multiples of Rs 500 thereafter

Performance benchmark: Nifty 500 Index

Fund Manager: Sankaran Naren

Sections
Follow us on
Available On