https://www.taxtmi.com/acts?id=6719 Equity Linked Savings plans must allocate the bulk of collected funds to equities, cumulative convertible preference shares, and fully convertible debentures and bonds, with partly convertible issues permitted provided the non-convertible portion is disinvested within twelve months. Plans must keep at least eighty percent invested in those specified securities, with a six-month target to reach that allocation from plan closure (subject to exceptions to protect investors). Pending investment, funds may be placed in short-term money market or other liquid instruments, and after three years a portion of net assets may be held in such instruments for redemption liquidity. en-us Sat, 19 Jan 2008 22:45:54 +0530 Wed, 04 Mar 2009 15:46:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=6719 Equity Linked Savings plans must allocate the bulk of collected funds to equities, cumulative convertible preference shares, and fully convertible debentures and bonds, with partly convertible issues permitted provided the non-convertible portion is disinvested within twelve months. Plans must keep at least eighty percent invested in those specified securities, with a six-month target to reach that allocation from plan closure (subject to exceptions to protect investors). Pending investment, funds may be placed in short-term money market or other liquid instruments, and after three years a portion of net assets may be held in such instruments for redemption liquidity. Act-Rules Direct Taxes Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=6719