The stock market regulator, the Securities and Exchange Board of India (Sebi) has modified the Categorization and Rationalization of Mutual Fund Schemes to allow fund houses to launch passive Equity Linked Saving Schemes (ELSS).
Sebi on Monday said that mutual funds houses can either launch an active ELSS scheme or a passive ELSS scheme (through index fund).
The passive ELSS scheme shall be based on one of the indices comprising equity shares from top 250 companies in terms of market capitalization.
Under the passive mode, the ELSS will be benchmarked to a specific index without the role of a fund manager.
ELSS schemes are open-ended equity-linked schemes that have a 3-year lock-in and are enjoy tax benefit under section 80C of the Income Tax Act.
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