Sebi comes out with Rajiv Gandhi Equity Savings Scheme norms
Further, stock exchanges have to furnish the list of RGESS eligible stocks / Exchange Traded Funds (ETFs) / Mutual Fund (MF) schemes on their website.
"For RGESS eligible close-ended MF schemes, advice given by AMCs (Asset Management Companies) to the depository for extinguishment of units of close-ended schemes upon maturity of the scheme shall be considered as settled through depository mechanism and therefore RGESS compliant," the circular said.
The market regulator has also directed stock exchanges and depositories to make necessary amendments, if any, to the relevant regulations for implementing the scheme besides creating wide publicity for the scheme among the investors and market participants.
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