Rajiv Gandhi scheme to attract new investors to market: NSE

Leading stock exchange NSE today said that the newly announced Rajiv Gandhi Equity Savings

RELATED ARTICLES

Scheme ( RGESS) would encourage new investors to come into the equity markets and put their money in products like ETFs.

The bourse today organised a two-km investor race here under its Investothon initiative and named it after the government's newly announced equity scheme to spread awareness about it.

"We are confident that the Rajiv Gandhi equity savings scheme will encourage first time investors to come into the equity markets and invest in broad based products like exchange traded funds (ETFs)," National Stock Exchange's Joint Managing Director Chitra Ramkrishna said.

Ramkrishna would take over as Managing Director and CEO of the exchange from April next year.

The new scheme offers tax benefits to the first time investors if they invest in the permitted securities, mutual funds or ETFs, provided that their annual income is less than Rs 10 lakh. New investors can invest Rs 50,000 and get a tax benefit on 50% of this investment.

Eligible securities include equity shares of the top 100 companies on NSE and BSE, shares of public sector enterprises that are categorised as Maharatna, Navaratna or Miniratna by the Central Government, follow on public offers of these PSUs, units of Exchange traded funds like Nifty ETFs, Bank Nifty ETFs and PSU bank Nifty ETFs.

Mutual fund schemes with RGESS-eligible securities as underlying will also be allowed for the scheme.

The exchange said that more than 6,500 people participated in today's race, which was part of NSE's efforts to create awareness on safe investing in the market.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • RBI and government intervention is vital if all Indians are to have homes by 2022

    There is a strong case for interest subvention for India’s real estate sector.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Arun Nigavekar

Why UGC must focus on quality

In a vast country like India, where there are pressures ...

Zehra Naqvi

The on-off switch to consciousness

Human consciousness is a complex concept, one that has been ...

Dharmendra Khandal

Religion and conservation must go hand in hand

In 1986, former president of WWF International, HRH Prince Philip, ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture