Para 3 - Definitions - Rajiv Gandhi Equity Savings Scheme, 2013

1 [ 3. Definitions. - In this Scheme, unless the context otherwise requires,- (i) "Act" means the Income-tax Act, 1961 (43 of 1961) ; (ii) "demat account" means an account opened with the depository participant in accordance with the guidelines laid down by the Securities and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992); (iii) "depository" means a company as defined in clause (e) of sub-section (1) of section 2 of the Depositories Act, 1996 (22 of 1996); (iv) "depository participant" means a participant as defined in clause (g) of sub- section (1) of section 2 of the Depositories Act, 1996 (22 of 1996); (v) "eligible securities" means any of the following, namely :- (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 or 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) Units of Exchange Traded Funds or Mutual Fund schemes or equity oriented funds, which have eligible securities specified in sub-clause (a) or sub-clause (b) as underlying securities, provided they are listed and traded on a stock exchange and settled through a depository mechanism; (d) Follow on Public Offer of sub-clauses (a) and (b); (e) New Fund Offers of sub-clause (c); (f) 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; (vi) "financial year" means a year commencing on the 1st day of April and ending on the 31stday of March; (vii) "Form" means the Form appended to the Scheme; (viii) "initial year" means- (a) the financial year in which the investor designates his demat account as Rajiv Gandhi Equity Savings Scheme account and makes investment in the eligible securities for availing deduction under the Scheme; or (b) the financial year in which the investor makes investment in eligible securities for availing deduction under the Scheme for the first time, if the investor does not make any investment in eligible securities in the financial year in which the account is so designated; (ix) "investment" means investment by an assessee in any of the eligible securities in accordance with the Scheme; (x) "new retail investor" means a resident individual,- (a) who has not opened a demat account and has not made any transactions in the derivative segment before the date of opening of a demat account or the first day of the initial year, whichever is later: Provided that an individual who is not the first account holder of an existing joint demat account shall be deemed to have not opened a demat account for the purposes of this Scheme; or (b) who has opened a demat account but has not made any transactions in the equity segment or the derivative segment before the date he designates his existing demat account for the purpose of availing the benefit under the Scheme or the first day of the initial year, whichever is later; (xi) "Scheme" means the Rajiv Gandhi Equity Savings Scheme; (xii) words and expressions used and not defined in this Scheme but defined in the Act shall have the meanings respectively assigned to them in the Act.] ----------------------- Notes: 1. Inserted vide NOTIFICATION NO 94/2013, dated December 18, 2013