Mutual Funds will be permitted to offer either Value fund or Contra fund.
ELSS provides tax benefits in the form of deductions under section 80C of the Income Tax Act for the amount invested. The maximum limit for claiming deduction u/s 80C is Rs. 1.5 lakh per financial year. These investments are subject to a three-year lock-in period to get the tax benefit. The minimum investment in equity and equity related instruments shall be 80 percent of total assets.
SEBI clarified that all open ended debt schemes (except Overnight Fund, Liquid Fund, Gilt Fund and Gilt Fund with 10 year constant duration) shall hold at least 10 percent of their net assets in liquid assets, that include Cash, Government Securities, T-bills and Repo on Government Securities.
Conservative Hybrid Fund - Investment in debt instruments shall be between 75 percent and 90 percent of total assets while investment in equity and equity instruments shall be between 10 percent and 25 percent of total assets.
Balanced Hybrid Fund - The investment in equity and equity related instruments shall be between 40 percent and 60 percent of total assets while investment in debt instruments shall be between 40 percent and 60 percent. No arbitrage is permitted in this scheme.
MODELEXAM® 
www.realsoftinfoplan.com