Association of Mutual Funds (AMFI) in India is lobbying with
the finance ministry to secure an exclusive mandate to implement the Rajiv
Gandhi Equity Scheme (RGES), a tax-efficient investment plan for retail
investors that was introduced in the Union Budget.
A permission to allow the domestic mutual funds to handle
the proposed equity scheme will help the industry replace its existing
tax-saver product - equity-linked savings scheme - which will lose its tax-saver
status under the Direct Taxes Code regime. The mutual fund industry body, which
represents 44 Indian asset management companies, is making the pitch for
executing the RGES as it caters to small retail investors who are investing in
the markets for the first time.
Source: http://www.moneycontrol.com/news/mf-news/amfi-lobbiesfm-for-mandate-to-run-rges-over-elss_697174.html
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