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HSBC Investments launches tax-saver equity fund

Written by: Staff
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New Delhi, Nov 20: HSBC Investments, the global investments solution business of HSBC Group, today launched a tax-saver fund to invest in equity and related instruments of companies mainly engaged in information technology, infrastructure-linked activities, banking and automobiles.

The minimun amount required to invest in the HSBC Tax Saver Equity Fund, which offers benefits under section 80C of the Income Tax, is Rs 500.

''This is s good time for launching tax-saver schemes as people generally start tax planning in December. Equity has been the best long-term bet, at 18 per cent annualised returns over the last 20 years, as compared to fixed deposits and gold. We are looking at other products as well,'' HSBC Invetments India Head (Fund Management - Equities) Mihir Vohra told reporters here.

With this fund, which will invest up to 80 per cet of its corpus as per the norms in the three-year-lock-in period, an investor can save up to Rs 33,660 as tax liability by investing one lakh rupees.

Besides, one can also do tax planning for 2007 and beyond using the SIP facility, Mr Vora added.

Being a flexi-cap style equity portfolio for the long term, without redemption pressures, the offering will allow the company to easily plan its course of action, he said.

The fund, which offers growth and dividend payout options, would be available in more than 165 cities across the country. It also seeks to invest in fixed income securities.

The offer will close on December 15 and re-open in January.

HSBC Investments is the trading name of HSBC Asset Management (India) Pvt Ltd, which is the investment manager to HSBC Mutual Fund, which had over Rs 9,691.28 crore assets spread across 19 schemes as on October 31, 2006.

UNI

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