Equity Linked Saving Schemes (ELSS) have been the flavour for past few years since they are amongst the best tax saving options for tax payers looking at investing in Equity markets. ELSS are equity funds floated by mutual funds that offer tax benefits of upto Rs 30,900 on investments up to Rs 1,00,000 in a given financial year under the section 80C of the Income Tax act. There is a three year lock-in on investments, which is the lowest amongst tax saving instruments. Birla Sun Life Tax Relief'96 has been amongst the leading schemes in the Equity Linked Savings Scheme category.
On its 15th anniversary Birla Sun Life Mutual Fund (BSLMF) is showcasing one of its best performing schemes BSL Tax Relief96 in the ELSS category. This scheme has recorded a compounded annualised growth rate (CAGR) of 33.27% since its inception in the year 1996 against its benchmark BSE 200 which recorded a CAGR of 14.32%.
Recognised as “World’s Best Performing Equity Fund” by Lipper for 13 year performance ended September 2009, it provides investors the dual benefit of saving tax and generating wealth. Birla Sun Life Tax Relief’96 also boasts of an impressive dividend history.
Mr. Mahesh Patil, Co-Head, Equity, BSLMF said, “ELSS has gained popularity among the tax savers. BSL Tax Relief96 is amongst the consistent performing equity-linked saving schemes for past 14 years. It provides a diversified exposure to growth oriented stocks across various sectors and market capitalization”.
Mr Patil said, “Over a decade and half of experience over various market cycles have shaped our time tested processes to help us deliver consistent investment performance for our investors”.
Backed by its consistent fund performance Birla Sun Life Mutual Fund topped the Value Research 4 and 5 star ranking chart yet again in December with 16 of its funds achieving these ratings.
About Birla Sun Life Asset Management Company
Established in 1994, Birla Sun Life Asset Management Company (BSLAMC) is a joint venture between Aditya Birla Group, a well known and trusted name globally amongst Indian conglomerates and Sun Life Financial Inc, leading international financial services organization from Canada.
BSLAMC is the 5th largest asset management companyin India with an average asset under management of Rs 68,066 crores as on December 31, 2009. An impressive mix of reach through 106 branches, full range of product offerings across equity, debt, balanced & structured asset classes and strong investment performance has helped the Company garner over 2.3 Million investor scheme accounts. Known for its consistent performance, BSLAMC has received recognition from various institutes of international repute like the CRISIL, Asian investor Magazine, The Asset Magazine ICRA and Lipper. It is the only fund house in India to have won the coveted “Mutual Fund House of the Year” from CNBC TV 18 Crisil twice in a row.
About Aditya Birla Financial Services Group (ABFSG)
Aditya Birla Financial Services Group is a broad based and integrated player in the financial services space with a strong presence across verticals viz., life insurance, asset management, retail broking, distribution and wealth management, NBFC, insurance broking & advisory services and private equity. ABFSG is rapidly growing in line with its vision to be a leader and role model in the Indian financial services sector.
The seven companies representing Aditya Birla Financial Services Group are Birla Sun Life Insurance Company, Birla Sun Life Asset Management Company, Aditya Birla Money (erstwhile Apollo Sindhoori Capital Investments), Birla Sun Life Distribution Company, Birla Global Finance Company, Birla Insurance Advisory & Broking Services and Aditya Birla Capital Advisors.
The consolidated revenues from these businesses crossed USD 1 billion mark in 2008-09. Today ABFSG collectively enjoys trust of over 4 million customers, manages assets over USD 16 billion and prides itself for having a talent pool of over 15,000 committed employees. ABFSG has its wings spread across more than 500 cities in India through over 1500 branches and over 2 lacs channel partners.
ABFSG is a part of Aditya Birla Nuvo Limited (ABNL), a USD 3 billion conglomerate having leadership position across its manufacturing as well as services sector businesses. ABNL is a part of the Aditya Birla Group, a USD 29 billion Indian business house operating in 25 countries across the globe.
About Sun Life Financial Inc
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide. As of March 31, 2009, the Sun Life Financial group of companies had total assets under management of $375 billion globally.
For details on Lipper ratings , please visit – www.birlasunlife.com
For details on Value Research Rating, please visit www.valueresearchonline.com
