9 ELSS funds change names

Around nine tax saving mutual funds or ELSS have changed their names in the recent past after Sebi asked fund houses on September 26 to use uniform nomenclature to facilitate easy identification by investors. Fund houses used to earlier name their schemes differently, but the new names have ELSS and tax saver as part of their names. (see table for details)

Change in ELSS names

Old name	New name
HDFC TaxSaver	HDFC ELSS Tax saver
HSBC ELSS Fund	HSBC ELSS Tax saver Fund
ICICI Prudential Long Term Equity Fund (Tax Saving)	ICICI Prudential ELSS Tax Saver Fund
Invesco India Tax Plan	Invesco India ELSS Tax Saver Fund
JM Tax Gain Fund	JM ELSS Tax Saver Fund
Kotak Tax Saver Fund	Kotak Tax Saver Fund
Motilal Oswal Long Term Equity Fund	Motilal Oswal ELSS Tax Saver Fund
UTI Long Term Equity Fund (Tax Saving)	UTI ELSS Tax Saver Fund
WhiteOak Capital Tax Saver Fund	WhiteOak Capital ELSS Tax Saver Fund

According to the fund houses, all other terms and conditions of the SID/KIM of these schemes remain unchanged. The notice-cum-addendum by the fund houses forms an integral part of the SID and KIM of the above-mentioned schemes, as amended from time to time.

“This change is generally to bring uniformity across the names and the category. This guideline by Sebi will bring parity on the name of the schemes. Most of the fund houses have it in other categories, now they are bringing parity in this category,” says Chokkalingam Palaniappan, Director of Prakala Wealth, a Chennai-based advisory firm.

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“This communication will just change the name of the scheme, and will not bring any material change in the scheme assets,” he added.

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