Mutual Funds - What’s the advantage of investing in ELSS?

According to the central government’s Equity Linked Saving Schemes (ELSS) guideline, 1992 and the amendment in 1998, these schemes offer tax rebates to the investor under section 88 of the Income tax act, 1961. Under Section 88 of the I.T. Act, 1961, one gets a tax rebate of upto 20% of the amount contributed to ELSS schemes subject to a maximum investment of Rs. 10000/- within the allowable limit under section 88. Also these schemes generally diversify the equity risk by investing in a wider array of stocks across sectors.