Chidambaram to launch equity savings scheme today
Posted on: 03:39 AM IST Feb 09, 2013
Mumbai: Union Finance Minister P Chidambaram will launch the Rajiv Gandhi Equity Savings Scheme (RGESS) in Mumbai on Saturday, an official statement said.
The scheme was announced in the Budget 2012-13 and is aimed at attracting first-time investors in stock markets. Under the scheme, an individual with an income of less than Rs 10 lakh would get tax incentives for investing up to Rs 50,000 in the stock market.
According to the notification issued by market regulator Securities and Exchange Board of India (SEBI), there would be a lock-in period of one year on investments made under the scheme.
Chidambaram will also inaugurate the Equity Trading Platform of the MCX Stock Exchange later Saturday. The exchange will, however, commence trading in equities from Monday. With the launch of equity trading platform, the MCX-SX would become a full fledged stock exchange.