LIC Nomura MF to launch RGESS on February 11

MUMBAI: LIC Nomura Mutual Fund has received approval from the market regulator Sebi to launch Rajiv Gandhi Equity Savings Scheme (RGESS) and will launch it on February 11, a company release said.

"We are launching the Rajiv Gandhi Equity Savings Scheme (RGESS) on February 11 and will be open till February 25," Chief Executive and Director Nilesh Sathe said.

RGESS, announced in the last Budget, seeks to provide tax benefits to first-time investors in the stock market.

Under the scheme, an individual with an income of up to Rs 10 lakh would get tax incentives for investing up to Rs 50,000.