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Is ICICI PRUDENTIAL EQUITY SAVINGS FUND (RGESS) - SERIES 1 available for investors other than new retail investors for subscription?
Yes. ICICI PRUDENTIAL EQUITY SAVINGS FUND (RGESS) - SERIES 1 is available for investment for any investor looking to invest in equity securities.
What are Eligible Securities under ICICI PRUDENTIAL EQUITY SAVINGS FUND (RGESS) - SERIES 1?
The eligible Securities are as follows:
a. Equity shares, on the day of purchase, falling in the list of equity declared as "BSE-100" or "CNX-100" by the Bombay Stock Exchange and the National Stock Exchange, as the case May be;
b. Equity shares of public sector enterprises which are categorised as Maharatna,
Navratna or Miniratna by the Central Government;
c. Follow on Public Offer of a and b above;
d. Initial Public Offer of a public sector undertaking wherein the government
shareholding is at least fifty-one per cent which is scheduled for getting listed in the relevant previous year and whose annual turnover is not less than four thousand crore rupees during each of the preceding three years.
Is there any lock-in on the investment made in ICICI PRUDENTIAL EQUITY SAVINGS FUND (RGESS) - SERIES 1?
There is no lock-in on the Units held under ICICI PRUDENTIAL EQUITY SAVINGS FUND (RGESS) - SERIES 1 by the Unit holders not intending to avail any tax deduction under RGESS. Since the Fund is Close-ended, investors cannot redeem their units directly with the mutual fund until maturity /final redemption date. Investors can exit (subject to lockin period under RGESS) through the stock exchanges, since the units will be listed and traded on the stock exchanges.
Is there any lock-in period on the investment made in ICICI PRUDENTIAL EQUITY SAVINGS FUND (RGESS) - SERIES 1 for claiming tax deduction?
Yes. Units held under ICICI PRUDENTIALEQUITY SAVINGS FUND (RGESS) - SERIES 1 by the Unit holders and as declared/designated for availing tax benefits shall be subject to lock-in-periods viz. fixed lock-in and flexible lock-in as specified under the notified Rajiv Gandhi Equity Savings Scheme, 2012.
Demat account is not mandatory for investing in RGESS. However, for investors claiming tax benefit under Sec 80 CCG, demat account is mandatory.
Other investors can hold units in this Fund either in physical or demat form. Unit holders holding Units in physical and/or converting physical units into demat will not be eligible for claiming tax deduction under ICICI PRUDENTIAL EQUITY SAVINGS FUND (RGESS) -
SERIES 1.
Is the tax benefit for investment in ICICI PRUDENTIAL EQUITY SAVINGS FUND (RGESS) - SERIES 1 over and above of Rs 1 lakh deduction currently available under section 80C of the Income- tax Act, 1961?
The tax deduction for RGESS is u/s 80CCG is over and above the Rs. 1 lakh limit specified u/s 80C of the Income-tax Act, 1961.
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