Tuesday, January 23, 2007 14:24 Hrs IST

DSP-ML Tax Saver Fund gains Rs 10.374 per unit

Reopened for fresh investments and sales on 22 January 2007

DSP-ML Tax Saver Fund has debuted at Rs 10.374 per unit as against a face value of Rs 10 per unit. The scheme, whose initial public offering closed on 26 December 2006, re-opened for fresh investments and sales on 22 January 2007.

DSP-ML Tax Saver Fund is an open-ended ELSS scheme. The primary investment objective of the scheme is to generate medium to long-term capital appreciation from a diversified portfolio that is substantially constituted of equity and equity related securities of corporate, and to enable investors to avail of a deduction from total income, as permitted under the Income Tax Act, 1961 from time to time.

The scheme was launched on 27 November 2006. Benchmarked against S&P CNX 500 the fund would invest 80-100% in equities & equity related securities, 0-20% of 1 above, investments in ADRs, GDRs and foreign securities and 0-20% in debt, securitised debt and money market securities.