Investors have lots of concerns regarding Rajiv Gandhi Equity Savings Scheme (RGESS) and we will address those concerns in the next budget, said Union Finance Minister P Chidambaram here Saturday while launching the logo of India's first public sector saving schemes through equities.
The finance ministry would try to make changes in those sections where first time investors have problem, said Chidambaram.
Chidambaram accepted that lots of concerns have been raised about the RGESS by small investors of being too complex for a small investor to understand.
Explaining the features of the scheme he said that the government has allowed even mutual funds to come to the scheme which was initially for new retail investors.
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 on Saturday also inaugurated the Equity Trading Platform of the MCX Stock Exchange. 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.
--With IANS Inputs--
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