LIC Nomura Rajiv Gandhi equity savings scheme (RGESS)

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LIC Nomura MF RGESS

LIC Nomura MF hopes to garner around Rs 100 crore from around 20,000 retail investors under its newly launched Rajiv Gandhi equity savings scheme (RGESS). "We hope to garner around Rs 100 crore from around 20,000 retail investors from the newly launched RGESS," LIC Nomura Mutual Fund chief executive and director Nilesh Sathe said.

The RGESS was launched by finance minister P Chidambaram over the weekend and so far five mutual funds – LIC-Nomura MF, UTI MF, SBI MF, IDBI MF and DSP Black Rock MF – have got the Sebi nod to launch the scheme.

Sathe said the company was receiving encouraging response from investors for this scheme.

The RGESS, which was opened for subscription from February 9, will close on February 25.

RGESS was announced by government in the last budget to encourage retail investors to participate in capital markets.

Under the scheme, an investor having an annual income under Rs 10 lakh, will get a tax benefit up to Rs 50,000 per year if he is new to capital market.

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