Birla Sun life launches Rajiv Gandhi Equity Savings Scheme

Mutual Funds

oi-Sneha

By Sneha B K

Published: Thursday, March 7, 2013, 17:17 [IST]

Birla Sun life Mutual Fund has launched a new fund named as Birla Sun Life Rajiv Gandhi Equity Savings Scheme - Series 1, a close-ended equity scheme. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit.

A Close ended Equity Scheme investing in Eligible Securities as per Rajiv Gandhi Equity Savings Scheme, 2012, as amended from time to time.

The new issue which is open for subscription from 25 February will close on 20 MArch 2013.

Investment Objective:

The investment objective of the Scheme is to generate capital appreciation, from a portfolio that is substantially constituted of equity securities specified as eligible securities for Rajiv Gandhi Equity Savings Scheme, 2012 (RGESS).

Liquidity:

The scheme will have duration/tenure of 3 years from and including the date of allotment. The NAV of the scheme will be announced on every business day. No redemption or repurchase will be permitted prior to maturity of the Scheme. The scheme will be listed on BSE, NSE and/or any other recognized stock exchanges as may be decided by AMC from time to time and the Unitholders who wish to redeem units may do so through Stock Exchange at prevailing listed price on such Stock Exchange, subject to Lock-in Period under RGESS, if any.

Tax Benefit under Section 80CCG:

As per Section 80CCG of the Income-tax Act, 1961, investments made by 'New Retail Investor' in this Scheme will qualify for a 50% deduction of the actual amount invested from the taxable income of the financial year. The maximum investment permissible for claiming deduction in a financial year is Rs 50,000.

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