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Reliance MF unveils RGESS compliant fund

Reliance MF unveils RGESS compliant fund
Reliance Mutual Fund has unveiled a new fund named as R*Shares CNX 100 Fund, under the Rajiv Gandhi Equity Savings Scheme (RGESS), which allows investors to avail tax benefits.

It is an open ended index exchange traded fund.

The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The new issue will be open for subscription from 19 February and close on 15 March 2013.

Investment Objective:

The investment objective of the scheme is to provide investment returns that, before expenses, closely correspond to the total returns of the securities as represented by the CNX 100 Index, subject to tracking errors However, there can be no assurance or guarantee that the investment objective of the Scheme will be achieved.

Entry/Exit Load:

There will be no entry/exit load on R*Shares CNX 100 Fund bought or sold through the secondary market on the NSE. However, an investor would be paying cost in the form of a bid and ask spread and brokerage, as charged by his broker for buying / selling R*Shares CNX 100 Fund.

how to invest in RGESS?

About R*Shares CNX 100 Fund

R*Shares CNX 100 Fund is an Exchange Traded Fund (ETF) to be listed on National Stock Exchange (NSE).

R*Shares CNX 100 Fund will invest in CNX 100 Index companies only.

R*Shares CNX 100 Fund is RGESS eligible Scheme.


Tax benefits:

The regular tax benefits can be availed under section 80C, R*Shares CNX 100 Fund is eligible for additional tax benefits on investments made upto Rs. 50,000 under Sec 80 CCG of the Income Tax Act 1961 for all eligible investors.

Read more about: reliance mutual funds rgess tax
Story first published: Tuesday, February 26, 2013, 14:25 [IST]
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