Rajnath Singh refuses to pinpoint blame about 'rumours' on son

Rajnath Singh refuses to pinpoint blame about 'rumours' on son

There has been some reports of Rajnath Singh's son being ticked off by PM Narendra Modi...
New Flight MH 370 theory

New Flight MH 370 theory

Malaysia Airlines Flight MH370 may have turned south earlier than previously thought

A dozen fund houses ready to launch RGESS plans

Feb 06 2013, 07:03 IST
Comments 0
SummaryWith IDBI MF getting the capital market regulatorís nod for its series 1 RGESS scheme on Monday, about a dozen fund houses will be ready to launch their Rajiv Gandhi Equity Savings Scheme plans by February 9, the day finance minister P Chidambaram officially launches the product.

separate tax benefit and is earmarked as a separate tax instrument, which may work in its favour. However, experts believe the scheme is poorly structured in its current avatar, as investors stand to get a one-tme benefit of just R2,500 on an investment of R50,000 if they fall within the 10% tax slab, or R5,000 if they come under the 20% slab.

According to the Sebi circular detailing the scheme, units of exchange-traded funds (ETFs) or mutual fund (MF) schemes with eligible securities as underlying can be brought under the ambit of RGESS.

Eligible securities can fall in the list of equity declared as ĎBSE-100í or ĎCNX-100í by the BSE and the NSE or equity shares of public sector enterprises categorised as Maharatna, Navratna or Miniratna by the government.

The RGESS was initially proposed in the Union Budget 2012-13 to encourage flow of savings in financial instruments and improve the depths of domestic capital market.

On track

* IDBI MF, LIC Nomura MF and DSP BlackRock have got the Sebi nod for launching their closed-ended RGESS compliant schemes

* Birla Sun Life RGESS, UTI RGESS, and SBI RGESS Tax Saving Fund are still waiting for their Sebi approval

* Most fund houses have bought existing ETFs schemes under RGESS ambit

* Experts say the scheme is poorly structured in its current avatar

Single Page Format
Ads by Google

More from Corporates & Markets

Reader´s Comments
| Post a Comment
Please Wait while comments are loading...