Performance evaluation of tax saving schemes (ELSS) on various mutual fund companies in India

Mutual funds are one of the most important areas of pooling the small amount of savings from a large number of people and investing them into a diversified pool of assets with varying degree of risk. There are schemes which give double benefits to the investors in respect of their tax saving which is normally called as ELSS. The main purpose of this study is to identify the best tax saving schemes as per the individual investing behavior and evaluating the performance of fund manager in the portfolio selection. The research gap we identified for this study is that, the behavioral aspects of individual investor for the selection of ELSS schemes and their performance. For the effective study, the researchers have chosen 5 private mutual fund companies and 5 public mutual fund companies ELSS direct schemes. The performance evaluation of ELSS is done using, Jenson‟s Alpha, Sharpe Ratio, Treynor Ratio, Beta and Standard Deviation. The results of the schemes were classified based on individual investor behavior and identified the best risk-adjusted schemes based on the ranking criteria.