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IDBI Mutual Fund gets SEBI nod for RGESS

Posted on Feb 04, 04:05PM | IBNS

Mumbai, Feb 4 : IDBI Asset Management Limited on Monday said it has received SEBI's (Securities and Exchange Board of India) permission for the launch of IDBI Rajiv Gandhi Equity Savings Scheme - Series I (RGESS). Under RGESS a 'New Retail Investor' who has not transacted in equity share through his/ her depository account / derivatives as on November 23, 2012, and having a gross annual income not exceeding Rs 10 lakh, would be eligible for tax savings under Section 80 CCG.

This is over and above the limit of Rs 1, 00,000 currently available under Section 80 C of Income tax Act.

IDBI Asset Management Ltd. is a subsidiary of IDBI Bank Ltd.