open-ended mutual funds funds?

[programmer]

does all open-ended mutual funds funds can be used as close ended funds ?<br />
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For example, i am looking at a TAX savings Mutual Fund .....and i am looking at a 3yr lock-in period.....i think to get tax savings , i need 3 years lock-in ...right ? in fact , thats why i want to lock-in for 3 years.<br />
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However,<br />
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I find HDFC TAX saver and SBI Magnum are quite good Tax Savings fund......BUT these are OPEN-ENDED<br />
http//www.moneycontrol.com/india/mutualfunds/mfinfo/03/30/snapshot/imdesc/SBI%20Magnum%20Tax%20Gain%20Scheme%20(G)/ffdesc/SBI%20Funds%20Management%20Private%20Limited/imid/MSB093/imffid/SB<br />
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http//www.moneycontrol.com/mf/mf_info/snapshot.php?im_desc=HDFC%20Tax%20Saver%20(G)&ff_desc=&im_id=MZU017&im_ffid=HD<br />
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<br />
See the fund type OPEN-ENDED<br />
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<br />
so , are these not tax savings CLOSE ENDED fund ?<br />
where from i get CLOSE ENDED fund of HDFC tax saver and SBI magnum ?<br />

 

[phanik]

These are open-ended so that investors can invest at any time of the year. But though they are open-ended i think they will not allow you to with-draw before 3 years. Or May be you shouldnt claim them for tax rebate if you with-draw before 3 years. I am not sure, but one of the above two is true. )

Regarding close and open-ended ELSS funds
The Ministry of Finance has amended the rules governing investment in equity linked savings schemes (ELSS) of mutual funds (MFs). The new ELSS plans launched by mutual fund houses will be close-ended schemes that would have to be wrapped up 10 years after allotment of units. This was done last year and the funds you told were present since long time and that's why they were open-ended. I think this is the reason but there may be some finer points also in addition to this.