HDFC Mutual Fund has decided to stop subscriptions in HDFC Long Term Advantage Fund with effect from May 16. The scheme is an Equity-Linked Saving Scheme or a tax-saving mutual fund scheme. The scheme manages Rs 1,515 crore at the moment. The move is in line with Sebi’s new re-categorisation norms which allow a fund house to run only one scheme in each category. HDFC Mutual Fund had two ELSS schemes in its stable, and it decided to retain HDFC Tax Saver Fund.