IIFL Mutual Fund has launched the new fund offering of IIFL ELSS Nifty 50 Tax Saver Index Fund (IN50).
It is the first passively managed tax-saving scheme (also known as Equity-Linked Savings Scheme, or ELSS) to be launched after the capital market regulator, Securities and Exchange Board of India (SEBI), allowed fund houses to launch such passive funds on May 23, 2022. Should you invest in the scheme?
What is on offer?
IN50 is an equity fund. It will invest in all stocks in- and in the same proportion as they lie in- the Nifty50 index. It will aim to mimic Nifty 50 index’s returns. This also means IN50’s fund manager will not take cash calls; it won’t substantially hold cash, like some other tax saver schemes do.