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IIFL Mutual Fund launched India’s first passively managed ELSS - ‘IIFL ELSS Nifty 50 Tax Saver Index Fund.’
The fund will track performance of the Nifty 50 Tax Saver Index Fund.
In a press release, Parijat Garg, Fund Manager, IIFL MF, said, “The Nifty 50 accounts for about 50% of India’s market cap. Taking exposure to the Nifty companies through a passive fund is an opportunity for investors to harness the growth potential of equities, reduce tax outgo, lower the cost of investing, and gain diversified exposure.”
“For investors, one of the ways to leverage the India growth opportunity would be a passive investment with tax-saving benefits. Due to its passive approach, the fund eliminates the selection and behavioral biases that impact investment decision-making,” Parijat added.
