ICICI-India Advantage Fund

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ICICI Prudential Asset Management Company - the guardian company of ICICI Venture, is amongst the largest asset management companies (AMCs) operating in India today. ICICI Venture manages and invests in ICICI India advantage fund Series 1 and 2 respectively. It manages assets worth ` 37,906.24 crore (as on year ended, 31.03.2007). It manages a wide portfolio of schemes to cater to the varying investment needs of its investors and also provides retail financial services products and services.

The prominent private equity funds invested and managed by ICICI Venture are -
  • ICICI India advantage fund Series 1 (IAF series 1) - raised USD 245 million in 2003; its investment is over.
  • ICICI India advantage fund Series 2 (IAF series 2) - raised USD 810 million in 2006; its investments are still going on
Apart from this, ICICI India Advantage Fund also manages a portfolio of private equity investments amounting to USD 425 million.

ICICI-India Advantage Fund investments are subject to income tax exemptions as per Chapter III of the Income Tax Act, 1961 which states a few specified types of income on which a person can get tax exemptions. It means that at the time of calculating annual income, this type of income will not be added to his total annual income. For claiming any of these exemptions, it is necessary to furnish documents which shows that the said income comes under the purview of tax rebate.

ICICI-India Advantage Fund generally maintains the following rules of the SEBI while offering tax benefits on this scheme -
  • Any special tax benefits for the mutual fund company and its shareholders (only section numbers of the Income Tax Act and their
  • substance should be mentioned, without reproducing the text of the sections).
  • Tax benefits are to be declared under the column of "objects of the offering".

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