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Tuesday, May 26, 2009

Edelweiss ELSS Fund changes benchmark index

With effect from 1 June 2009

Edelweiss Mutual Fund has approved that the benchmark index of Edelweiss ELSS Fund will be changed from BSE 500 to S&P CNX Nifty comprising of 50 scrips. The proposed change will be done with effect from 1 June 2009.

The change is being effected to bring in line the benchmark index with the investment strategy of the scheme.

Rationale for adoption of benchmark is given as: Edelweiss ELSS Fund will invest in companies that are large / broad market capitalisation based. Since the Fund will not restrict itself from investing in any particular size/type of company, it is best to have a broad based index for such a fund. Hence, S & P CNX Nifty is the appropriate benchmark for the Fund.

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