According to AMFI (Association of Mutual Funds in India) monthly data, equity linked savings scheme (ELSS) have reported outflows for first four consecutive months in the financial year 2012-13.
ELSSs—also called tax saving funds—have seen a net outflow of Rs. 4.91 billion in the current fiscal. Highest outflow in FY12-13 was seen in April 2012 to the tune of Rs. 1.6 billion followed by Rs. 1.45 billion in July 2012.
ELSSs registered an inflow of Rs. 2.67 billion in March 2012, due to last minute investments made by individuals to save tax under Section 80C of the Income Tax Act. Most investors invest in ELSSs in March to save tax.