PPFAS Mutual Fund launches Parag Parikh Tax Saver Fund

PPFAS Mutual Fund has launched a new scheme- Parag Parikh Tax Saver Fund. It is an open-ended Equity Linked Savings Scheme (ELSS) with a statutory lock-in period of three years. According to a press release by the fund house, the scheme aims to generate long-term capital appreciation through a diversified portfolio of equity and equity-related securities. The new fund offer opens for subscription on July 4 and closes on July 18 2019.

The minimum initial investment in the scheme will be Rs 500 and multiples of Rs 500 thereafter. The scheme is slated to reopen on July 26. The scheme will be benchmarked against Nifty 500 TRI and will be managed by Rajeev Thakkar, Raunak Onkar and Raj Mehta.

“We had been receiving repeated requests for an ELSS Scheme for the past few years. However, we chose to wait until we attained a certain number of investors. Today, we are gratified that a little more than one lakh investors have chosen to invest in our flagship equity Scheme, which we believe is a validation of our philosophy and approach to managing money. Consequently, we concluded that this was an opportune time to launch our ELSS,” Neil Parag Parikh, Chairman and CEO, PPFAS Mutual Fund said.


According to the press release the scheme will invest minimum 80 per cent of its corpus in equities and maximum 20 per cent will be invested in debt instruments and money market instruments.

“Our flagship scheme Parag Parikh Long Term Equity Fund allows us to invest up to 35 per cent in the overseas market. However, an ELSS does not permit us to invest abroad. Besides this I don't think there will be any change in our investment approach and philosophy. We can invest in stocks of all sizes, sectors wherever we find value. We can also participate in buy-backs and other special situations,” Rajeev Thakkar, Chief Investment Officer, PPFAS Mutual Fund said.