Should I invest in more than one ELSS?

I am new to mutual funds. I am planning to invest in some ELSS schemes to save taxes under section 80C. Can you tell me which ELSS schemes should I invest in? Should I invest in more than one ELSS scheme per month? If yes please let me know the best ELSS schemes to invest in looking at future aspects. I can take moderate risk and my investment horizon is 5 to 10 years.
--Chirag Jain

Puneet Oberoi, Founder, Excellent Investment Advisors, responds:

You can definitely invest in more than one ELSS. The only thing to remember is that you can only save upto Rs 1.5 lakh under section 80C. If you are already saving 1.5 lakh, you can choose another equity scheme rather than going for another ELSS. Invest in ELSS only if you want to save taxes. These are a few good ELSSs which you can invest in. You can divide the investment in two different AMCs to diversify.

1. HDFC Taxsaver

2. Aditya Birla Sunlife Tax Relief 96