HYDERABAD, Feb 9: LIC Nomura Mutual Fund today launched its Rajiv Gandhi Equity Saving Scheme (RGESS) Series 1, a close ended equity tax advantage savings scheme for equity investors in India.
The scheme offers tax benefits under Section 80 CCG over and above the tax rebate offered under Section 80 C of the IT Act, 1961.
The New Fund Offer (NFO) will open for subscription on February 9, 2013 and close on February 25, 2013. The units will be available at par (Rs.10) during the NFO and at NAV related prices thereafter.
The scheme will not be open for subscription on an ongoing basis.
Speaking at the launch, Director & Chief Executive Officer, LIC Nomura MF Nilesh Sathe thanked Ministry of Finance for such novel initiative and said ‘The scheme will encourage flow of saving in financial instruments and improve the participation in domestic capital market and will also provide tax rebate to the investors’.
The investment objective of the scheme is to generate opportunities for growth while providing income tax benefits under section 80CCG of the Income Tax Act 1961 by active management of portfolio investing predominantly in RGESS eligible equity and equity related instruments, the release added. (UNI)
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