HSBC investments' new Tax Saver Equity Fund

Kolkata, Nov 16: HSBC Investments, the global investment solutions business of HSBC Group, is launching an open ended Equity Linked Savings Scheme (ELSS) called the "HSBC Tax Saver Equity Fund" (HTSF) in 165 citites and towns simultaneously on Novemver 20.

The new offer, to be closed on December 15, seeks to provide long term capital appreciation by investing in a diversified portfolio of equity and equity related instruments of companies across various sectors and industries with no capitalisation bias.

Announcing the formal launch of the fund, fifth in the line offered by HSBC since last year, HSBC Senior Vice-President and Head of its Equity Fund Management Mihir Vora here today said the fund would also have investment portfolios in fixed income securities.

The HTSF would offer investors growth and dividend payout options besides having additional benefits under sections 80C of the Income Tax Act and as per guidelines laid down by the Securities and Exchange Board of India (SEBI), Mr Vora said.

Stating that Rs 500 would be the minimum amount required to be invested in the fund,Mr Vora informed that HTSF was also offering investors an opportunity to leverage benefits available under section 80C of the Income Tax Act and at the same time capitalise on potential gains from equity exposure.

Incidentally, HSBC Investments is the trading name of HSBC Asset Management (India) Private Limited,which is the investment manager of HSBC Mutual Fund having assets of about of Rs 10,000 crores and spread across several diversified schemes.

UNI