Name of the Fund: IDFC Tax Advantage (ELSS) Fund
Name of the AMC: Infrastructure Development Finance Company Limited (IDFC)
New Fund Offer Opens on Dec. 1, 2008
New Fund Offer Closes on Dec. 17, 2008
Options
Growth Option: This option is suitable for investors who are not seeking dividend
Dividend (Payout & reinvestment) Option: This option is suitable for investors seeking income through dividend declared by the scheme. Reinvestment facility is also available. (Default Option) Under this option, the fund will endeavour to declare dividends from time to time. The dividend shall be independent on the availability of distributable surplus.
Structure Open Ended Equity Linked Saving Scheme.
The Scheme has been prepared in accordance with the requirements of specified notifications dated November 3, 2005 and December 13, 2005 issued by the Department of Economic affairs, Ministry of Finance, Government of India.
The Scheme is an Equity Linked Savings Scheme and intends to meet the requirements of any other notifications/ regulations that may be prescribed by the Government/ regulatory bodies from time to time.
Specified Investors in the Scheme are entitled to deductions of the amount invested in Units of the Scheme, subject to a maximum of Rs. 1,00,000 under and in terms of Section 80 C (2) (xiii) of the Income Tax Act, 1961.
Investment Objective
The investment objective of the scheme is to seek to generate long-term capital growth from a diversified portfolio of predominantly Equity and Equity related securities. There is no assurance or guarantee that the objectives of the scheme will be realized and the scheme does not assure or guarantee any returns.
The investment policies shall be framed in accordance with SEBI (Mutual Funds) Regulations, 1996 and rules and guidelines for Equity Linked Savings Scheme (ELSS), 2005 (and modifications to them)
Liquidity
Units of the scheme may be purchased on every Business Day at NAV based prices subject to the prevailing load structure. Redemptions shall be subject to lock-in of 3 years. Investors having a bank account with any bank with whom the Fund would have an arrangement from time to time, can avail of the facility of direct debit/credit to their account for purchase/sale of their units (subject to terms of the Scheme Information Document). The Fund will despatch redemption cheques within 10 (ten) Business Days from the date of such acceptance at any of the official points of acceptance within the cut off times specified (subject to lock-in period).
Transparency & NAV disclosure
NAV will be determined on every Business Day except in special circumstances. Please refer to the para on “Suspension of Sale and Redemption of Units” in this document. NAV of the Scheme shall be made available at the website of AMFI (by 9.00 p.m. on all business days) at www. amfiindia.com, the Registrar at www.camsonline.com and the Mutual Fund at www.idfcmf.com and are available on the call free number: 1-1800-22-66-22. The Fund shall have the NAV published in two daily newspapers. A complete statement of the Scheme portfolio would be published by the Fund as an advertisement in two newspapers within one month from the close of each half-year (i.e. 31 March and 30 September) or would be mailed to the unitholders.
Minimum Application Amount
Rs. 500/- (Rupees Five Hundred) and in multiples of Re. 500/- thereafter
Minimum Subscription amount to be raised Rs 1 crore
New Fund Offer Price Rs. 10/- per Unit (subject to applicable load)
Load Structure
Entry Load (Subscriptions / Switch ins)
Of less than Rs. 5 Crores (including for SIPs & STPs) 2.25%
Of Rs. 5 Crores or more (including for SIPs & STPs) Nil
By an FOF (irrespective of the amount of Purchase) Nil
Exit Load For Redemptions / Switch outs
In all cases Nil
Minimum Redemption Amount In multiples of Rs. 500/-
Minimum Balance to be maintained Rs. 500/-
NAV Declaration NAV calculated upto four decimal places and declared on each business day
Lock in Period The scheme is open for continuous redemption on all business days subject to the completion of a lock-in period of three years from the date of allotment of units, as prescribed in the ELSS guidelines. It may, however, be noted that, in the event of the death of the unit holder, the nominee or legal heir, (subject to production of requisite documentary evidence to the satisfaction of the AMC) as the case may be, shall be able to redeem the investment only after the completion of one year, or any time thereafter, from the date of allotment of units to the deceased unit holder.
The Trustee reserves the right to change the lock-in period prospectively from time to time, in the event of amendment(s) in the ELSS guidelines with respect to the lock-in period.
Switch Facility Unitholders can easily move from one scheme to another scheme/plan or another option of the scheme to another option according to their needs (Subject to Lock-in-period).
Repatriation Facility NRIs, FIIs and PIOs may invest in the scheme on a full repatriation basis. (Investment will be governed by rules laid down by RBI/SEBI in this regard).
Tax Benefits Eligible investors being an Individual or a Hindu Undivided Family in the Scheme are entitled to deductions of the amount invested in Units of the Scheme, subject to a maximum of Rs. 1,00,000/-,under and in terms of Section 80C (2) (xiii) of the Income Tax Act, 1961.
Benchmark Index BSE 200
Name of the Fund Manager
Mr. Ajay Bodke
RegistrarComputer Age Management Services Private Limited (CAMS)
E-Mail ID: [email protected]
Website: www.camsonline.com
For our analysis, please visit IDFC Tax Advantage (ELSS) Fund
