The Logo of the Rajiv Gandhi Equity Savings Scheme (RGESS) was launched and the FAQ booklet was released by the Union Minister of Finance, P. Chidambaram in the presence of the equity exchanges, depositories, AMFI and industry representatives.
RGESS, which was announced in budget 2012-13, provides tax benefits to the investors in stock markets.
Rajiv Gandhi Equity Savings Scheme encourages investors to invest in the domestic capital markets while saving tax thereby promoting an equity culture in India. The scheme is aimed at fulfilling the Governments vision of financial inclusion. Under the scheme, an individual with an annual income of less than Rs 10 lakh would get tax incentives for investing up to Rs 50,000 in the stock market. RGESS is expected to widen the retail investor base in the Indian securities markets.
The Finance Minister also launched RGESS eligible Mutual Fund schemes which include SBI Sensex ETF, IDBI RGESS Fund, DSP Blackrock RGESS Fund, LIC Nomura MF RGESS Fund and UTI RGESS Fund.
Eight investors - Ms Bindu Bali from Jaipur, Rajasthan, Ms. R Padma from Chennai, Tamilnadu, Mr. John Joy from Kochi, Kerala, Mr. Nandkumar Parsram Ahuja, Ms. Archana Johny Shah, Mrs. Manasvi Mahesh Rane, Mrs. Leena Nishant Nadkarni and Ms. Manisha Vinod Chheda all from Maharashtra were presented with a certificate at the hands of the Chief Guest Honble FM in the presence of the dignitaries.
Honorable Union Minister of Finance, Shri P. Chidambaram spoke exclusively on the investment in capital market through RGESS.
The event was jointly organized by BSE Ltd., NSE, MCX-SX, CDSL, NSDL and AMFI, under the guidance of Ministry of Finance. The launch event of RGESS witnessed participation from the SEBI Chairman, Secretary - Department of Economic Affairs, Jt. Secretary (Capital Markets), senior Central and State Government officials, Senior Bankers, officials from exchanges, depositories, Brokers, ANMI, BSE Brokers Forum, Investor Associations, ICSI, ICAI, MFs, FIIs, FIs and Investors.