Equity Linked Savings Scheme, 2005

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..... eans:- (i) an individual; or (ii) a Hindu undivided family; or (iii) an association of persons or a body of individuals consisting, in either case, only of husband and wife governed by the system of community of property in force in the State of Goa and Union Territories of Dadra and Nagar Haveli and Daman and Diu by whom, or on whose behalf, investment is made; (c) investment means an investment in Units of the Unit Trust or a Mutual Fund by an assessee under a plan formulated in accordance with this scheme; (d) Mutual Fund means any Mutual Fund specified under Clause (23-D) of section 10 of the Act; (e) plan means any plan formulated in accordance with this scheme; (f) Unit Trust means the Administrator referred to in clause .....

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..... er three years of its issue. 5. Investment of Equity Linked Saving Funds:- (a) The funds collected under a plan shall be invested in equities, cumulative convertible preference shares and fully convertible debentures and bonds of companies. Investment may also be made in partly convertible issues of debentures and bonds including those issued on rights basis subject to the condition that, as far as possible, the non-convertible portion of the debentures so acquired or subscribed, shall be disinvested within a period of twelve months. (b) It shall be ensured that funds of a plan shall remain invested to the extent of at least eighty per cent. in securities specified in clause (a). The Unit Trust and Mutual Fund shall strive to inves .....

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..... of such unrealised appreciation. While calculating the repurchase price, the Unit Trust and Mutual Funds may deduct such sums as are appropriate to meet management, selling and other expenses including realisation of assets and such sums shall not exceed five per cent per annum of the average Net Asset Value of a plan. (d) Repurchase of Units will be at the repurchase price prevailing on the date the units are tendered for repurchase. 7. Evidence of Investment or Repurchase : The investment made in any plan by an assessee will be acknowledged by the Unit Trust and Mutual Fund by issue of certificate of investment or a statement of account as may be decided by them. 8. Termination of a Plan : (a) A plan operated by Unit Trust o .....

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