SEBI has relaxed the new fund offer norms for Rajiv Gandhi Equity Savings Scheme.
SEBI has extended the new fund offer period for Rajiv Gandhi Equity Savings Scheme (RGESS) to thirty days from the current fifteen days which is applicable to all schemes except ELSS. It has also extended the timeframe for MFs to allot units and issue account statements to RGESS investors to fifteen days from the current requirement of five days.
As per SEBI rules, the new fund offer period of any scheme (other than ELSS) shall not be more than fifteen days. SEBI rules also require fund houses to allocate units to investors and issue statement of accounts within five working days from the date of closure of NFO.
RGESS is expected to be formally launched by finance minister P Chidambaram on February 9.
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