IDBI Asset Management gets Sebi nod for RGESS

IDBI Asset Management has received Securities and Exchange Board of India's (Sebi) permission for launching IDBI Rajiv Gandhi Equity Savings Scheme – Series I (RGESS).

Under the scheme a new retail or individual investor who has not transacted in equity share through his/ her  depository account / derivatives as on November 23, 2012, and earns a gross annual income of up to Rs 10 lakh, would be eligible for tax savings. This benefit is available under Section 80CCG of the Income TAx Act for investing up to Rs 50,000. This is over and above the limit of Rs 1 lakh available under Section 80C.

Last week, LIC Nomura Mutual Fund also got Sebi approval for launching Rajiv Gandhi Equity Savings Scheme, which will be open for investment between February 11 and 25.

The RGESS, which was announced in the Budget for 2012-13, seeks to provide tax benefits to first-time investors in stock markets.