Chidambaram to launch equity savings scheme Saturday

Last Updated: Fri, Feb 08, 2013 14:00 hrs

Mumbai, Feb 8 (IANS) Union Finance Minister P. Chidambaram will launch the Rajiv Gandhi Equity Savings Scheme (RGESS) here 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.

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