NFO period for RGESS extended to 30 days: Sebi

India Infoline News Service | Mumbai |

The relaxation has been made only for mutual fund schemes under RGESS

Market regulator SEBI has allowed mutual funds to accept investor money in new plans under the Rajiv Gandhi Equity Savings Scheme (RGESS) for 30 days, as against a 15-day subscription period allowed for other schemes.

The relaxation has been made only for mutual fund schemes under RGESS.

“In case of mutual fund schemes eligible under Rajiv Gandhi Equity Savings Scheme, the period specified in this regulation shall be not be more than thirty days,” SEBI said in a notification on Wednesday.

SEBI said the timeframe for RGESS mutual funds allocating the refund money and issuance of statements by mutual fund houses would be 15 days from the closure of the initial subscription.

The deadline remains at five days for other mutual fund schemes.

The notification comes into effect immediately. As per the notification issued by SEBI on RGESS, there would be a lock-in period of one year on investments made under the scheme.
 

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