CLOSE-ENDED MFs LISTING MUST FOR RAJIV GANDHI EQUITY SAVINGS SCHEME

The Securities and Exchange Board of India has clarified that close-ended mutual funds considered
eligible under the Rajiv Gandhi equity savings scheme (RGESS) shall be listed and traded on stock exchanges. They will be settled through depositories. Upon maturity of a close-ended scheme, asset management companies have to advice depositories on extinguishing the scheme units which would then be considered settled.