Twitter

Facebook

Youtube

Pintrest

RSS

Hindi News | Samay | UP/Uttarakhand | MP/Chhattisgarh | Bihar/Jharkhand | Rajasthan | Aalami Samay
Chidambaram to launch Rajiv Gandhi Equity Scheme
Last Updated : 27 Jan 2013 12:08:15 PM IST
P Chidambaram
File photo: Finance Minister P Chidambaram

 

Aiming to attract first-time stock market investors, Finance Minister P Chidambaram will launch the much-awaited Equity Savings Scheme ' title=' Rajiv Gandhi Equity Savings Scheme '>Rajiv Gandhi Equity Savings Scheme (RGESS) in Mumbai on February 9.


"He (Chidambaram) is going to Mumbai next month and will formally launch the Rajiv Gandhi Equity Scheme there," sources told media.
    

The RGESS, which was announced in the Budget for 2012-13, seeks to provide tax benefits to first-time investors in stock markets.
   

Under the scheme, an individual with an income of less than Rs 10 lakh would get tax incentives for investing up to Rs 50,000 in the stock market.
   

As per the notification issued by the Securities and Exchange Board of India (Sebi) on the RGESS, there would be a lock-in period of one year on investments made under the scheme.
    

For transactions undertaken by investors through their RGESS designated demat account, depositories would be required to seek necessary transactional details from stock exchanges for enforcing lock-in.
    

The mutual fund houses have already started lining up mutual fund schemes focused on the RGESS. Two state-owned fund houses SBI and IDBI and one private fund house DSP Blackrock have filed draft offer documents for such schemes with the market regulator Sebi, while others may soon follow suit.
       

The scheme was notified by the Department of Revenue, Finance Ministry on November 23 last year.


Post Your Comment (0 posted):
Post your comment Post Your Comments
Your name :
Your e-mail address :
Your website :
Add your comments :
Please enter the code you see in the image:
Code

super luxury car maker Rolls-Royce is gearing up to tap the country's Billionaires with ne

Coming-of-age drama 'Boyhood' won three of the biggest awards at the BAFTA 2015 but it was

Sunny Leone is seen scorching the screen in the first look of Leela with her bold acts.

Samsung unveiled the Galaxy S6 and Galaxy S6 Edge at Mobile World Congress in Barcelona, S

Reality TV star Kim Kardashian reportedly wants Beyonce to buy a house in her gated commun

Gadget

Google is releasing a set of tools designed for businesses and employees who want to get w


Samay Live

Samay Live

 

Samay Live
Samay Live
Samay Live
Samay Live
Samay Live
Samay Live
Samay Live
Samay Live

10.10.70.45