Despite rising equity markets, equity-linked savings schemes have not seen much inflows as expected. ELSS offers Section 80C income-tax deduction benefits of up to Rs 1.5 lakh. There was net outflow (more money went out than came in) in nine out of 12 months past year, per AMFI, the umbrella industry body. Some experts say the new income tax regime seems to have taken away some attraction. But a bigger reason is that ELSS schemes, like many other diversified equity schemes, had an average performance for a period before 2021. The Covid crash in March worsened things. After markets picked up, when investors saw their portfolios making money finally, they chose to take money off the table.