Libra Tax Shield goes open-ended

Taurus Mutual Fund (TMF) has decided to convert its tax-saving close-end Libra Tax Shield-1996 into an open-ended scheme.

The earlier tax-saving scheme, structured as an equity-linked savings scheme, will now be renamed Libra Tax. The restructured and renamed scheme aims at providing long-term capital appreciation by investing largely in equities. The units of the open-ended scheme will be sold and repurchased at net asset value (NAV)-related prices.

A lock-in period of three years from the date of allotment will be mandatory to get the tax rebate under Section 88 of the Income-Tax Act. TMF has also offered investors the option to switch their investments to other open-ended schemes managed by the TMF asset manager, Credit Capital Asset Management Company.