SEBI board clears gold exchange framework, trading in electronic gold receipts
The Hindu
The holder of an electronic gold receipt at his discretion will also be able to withdraw the underlying gold from the vaults upon surrender of the electronic recipts.
SEBI's board on Tuesday cleared a proposal for setting up a gold exchange wherein the yellow metal will be traded in the form of electronic gold receipts and the bourse will help in having a transparent domestic spot price discovery mechanism.
The instruments representing gold will be called Electronic Gold Receipts (EGRs) and will be notified as securities, SEBI Chairman Ajay Tyagi said at a press conference after the board meeting.
"EGRs will have the trading, clearing and settlement features akin to any other securities," he said.
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