Comments
LIC Nomura Mutual Fund hopes to garner around Rs 100 crore from around 20,000 retail investors under its newly launched Rajiv Gandhi Equity Savings Scheme (RGESS).
“We hope to garner around Rs 100 crore from around 20,000 retail investors from the newly—launched RGESS,” LIC Nomura Mutual Fund Chief Executive and Director Nilesh Sathe told PTI here.
The RGESS was launched by Finance Minister P Chidambaram over the weekend and so far five MFs——LIC—Nomura MF, UTI MF, SBI MF, IDBI MF and DSP Black Rock MF——have got the SEBI nod to launch the scheme.
The RGESS, which was opened for subscription from February 9, will close on February 25.
RGESS was announced by government in the last Budget to encourage retail investors to participate in capital markets.
Under the scheme, an investor having an annual income under Rs 10 lakh, will get a tax benefit upto Rs 50,000 per year if he is new to capital market.
On likely changes in the scheme in Budget 2013—14, Sathe said the government might come up with measures like simplification of KYC (know your customer) norms, along with some modification in the tax incentive structure, to make the scheme more attractive to the retail investors.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.