Shriram Amc Plans Tax-Saving Scheme
To be called Tax Guardian 97, the tax saving scheme is expected to be floated by October 1, 1996, would be looking at a target close to Rs 10 crore according to senior officials at Shriram Mutual.
The application for the same has been made with the Securities and Exchange Board of India (Sebi) and is awaiting clearance.
The interval fund application was rejected by the regulatory authorities earlier on the basis that, the current regulations do not include the concept of an interval fund which is a blend between an open-ended and a close-ended fund. This had led to the effective shelving of plans of its interval fund.
However, since then, Sebi has already adopted the recommendations of Mutual funds 2000 which includes the concept of an interval fund and which would soon be enforced. Shriram Asset has decided to approach Sebi afresh for its plans of an interval fund.
The interval fund offers a unique combination of open-ended as well as close-ended funds, an official added.