Reliance Mutual Fund today launched R* Shares CNX 100 Fund, which allows investors to avail all benefits under the Rajiv Gandhi Equity Savings Scheme (RGESS).
"This is the first open-ended index Exchange Traded Fund (ETF) by the company that allows eligible investors to avail all benefits notified under the Rajiv Gandhi Equity Savings Scheme (RGESS)," a release issued by the company said here today.
The new fund offer opened for subscription on February19 and closes on March 15.
"RGESS is an innovative step aimed to encourage new retail investors to invest in the capital markets. We foresee an additional investment of Rs 75,000 crore flowing into the equity market through various RGESS schemes being launched by the industry," Chief Executive Officer of Reliance MF, Sundeep Sikka said.
He said the new fund would encourage more investors to reap the benefits of domestic growth story by investing cautiously in the capital markets.
According to the company, R* Shares CNX 100 Fund will be investing in securities representing CNX 100 Index - a well diversified equity index--giving exposure to 100 well established companies across 38 sectors.