In the last month or so several fund houses have launched their RGESS mutual funds, and while existing funds are also eligible for this rebate, that hasn’t stopped funds from launching schemes specifically for this purpose.
I think that’s mainly because it helps for marketing purposes, and a secondary reason could be that you didn’t have funds that were actively managed and were eligible under RGESS, but now funds have launched such schemes as well.
The table below lists every fund that I know of which has been launched specifically to take advantage of the RGESS scheme, and it has a few words describing what the fund is all about as well.
| S.No. | Fund Name | Investment Objective | NFO Date |
| 1 | SBI RGESS Fund | Actively managed fund that only invests in shares of CNX 100 | 09 Feb 2013 – 09 Mar 2013 |
| 2 | IDBI RGESS Fund | Actively managed fund that invests in shares of CNX 100 and shares of public sector enterprises which are categorized as Maharatna, Navratna or Miniratna. | 09 Feb 2013 – 09 Mar 2013 |
| 3 | UTI RGESS Fund | The principal investment objective of the scheme is to invest in stocks of companies comprising S&P CNX Nifty and endeavor to achieve return equivalent to Nifty by “passive†investment. The scheme will be managed by replicating the index in the same weightage as in S&P CNX Nifty – Index with the intention of minimising the performance difference between the scheme and the S&P CNX Nifty – Index in capital terms |
09 Feb 2013 – 08 Mar 2013 |
| 4 | HDFC RGESS Fund | A Close-ended Equity Scheme investing in Eligible Securities as per Rajiv Gandhi Equity Savings Scheme, 2012 as amended from time to time. |
18 Feb 2013 – 15 Mar 2013 |
| 5 | Birla Sun Life RGESS Fund | The investment objective of the Scheme(s) 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). |
25 Feb 2013 – 20 Mar 2013 |
| 6 | DSP BR RGESS Fund | The primary investment objective of the Scheme is to seek to generate capital appreciation, from a portfolio that is substantially constituted of equity securities which are specified as eligible securitiesfor Rajiv Gandhi Equity Savings Scheme (RGESS). The Scheme may also invest a certain portion of its corpus in cash & cash equivalent and money market instruments from time to time. | 14 Feb 2013 – 28 Feb 2013 |
| 7 | LIC Nomura RGESS Fund | The primary investment objective of the Schemes is to seek to generate capital appreciation, from a portfolio that is substantially constituted of equity securities which are specified as eligible securities for Rajiv Gandhi Equity Savings Scheme (RGESS). | 09 Feb 2013 – 25 Feb 2013 |
ALREADY INVESTED RS 100000- IN LIC-PPF-TAXSAVERS FROM 1-04-2012 TO 31-03-2013 PERIOD. NOW CAN I ELIGIBLE FURTHER INVESTMENT OF RS 50000- IN RGESS. I AM ALSO SENIER CITIZEN. PLEASE CLARIFY.
Hi Ramana… If your gross total income is less than Rs. 10 lakhs and if you are a new equity investor, then you are eligible for this exemption u/s. 80CCG.
SIP is available in RGESS. PLEASE give information about SIP
Dear Ramakrishna,
No SIP can be registered in RGESS’ current mandate but as the budget proposals have come out there is possibility that Fund houses in near future might offer this facility.
I’m not sure what you mean Amitesh – can’t you start a SIP in one of the existing mutual funds eligible for RGESS or the new ones that they are issuing for this purpose?
Oh yes, if your trading account allows to set up one auto allocation or something like that. In fact I missed in taking in account those ETF’s already available, but that way many investors’ will be blocked out for benefits as those who had Demat A/cs before Nov’12 are not eligible to take benefit of this scheme and I hope that these new investors are not made a victim of broker greed.