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Last Updated : Jan 30, 2013 06:27 PM IST | Source: Moneycontrol.com

LIC Nomura MF receives approval to launch RGESS

LIC Nomura Mutual Fund has obtained approval from Sebi to launch the Rajiv Gandhi Equity Savings Scheme (RGESS)


LIC Nomura Mutual Fund has obtained approval from Sebi to launch the Rajiv Gandhi Equity Savings Scheme (RGESS).


Speaking on the development, Mr. Nilesh Sathe, Director & Chief Executive Officer, LIC Nomura MF said “We are launching the Rajiv Gandhi Equity Savings Scheme (RGESS) on February 11th and will be open till February 25th 2013.”


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 up to Rs 10 lakhs would get tax incentives for investing up to Rs 50,000 under Section 80CCG of IT Act, 1961.

First Published on Jan 30, 2013 06:27 pm
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