Finance Minister P Chidambaram on 9 February 2013 launched the much-awaited Rajiv Gandhi Equity Savings Scheme in Mumbai. The move will encourage new investors to put their money in the stock market. The scheme, which was announced in the Budget 2011-12, seeks to provide tax benefits to first-time investors in stock market. Under the scheme, an individual with an income of less than 10 lakh rupees would get tax incentives for investing up to 50000 rupees in the stock market.
As per the notification issued by the Securities and Exchange Board of India on the scheme, there would be a lock-in period of one year on investments made under the scheme.