The EGRs target both individual investor community as well as large commercial participants, the exchange press release noted.
SEATTLE (Scrap Monster): The Bombay Stock Exchange (BSE) announced that it has received final approval from market regulator, The Securities and Exchange Bureau of India (SEBI), for launching Electronic Gold Receipts (EGRs) on its platform.
It must be noted that the exchange had received in-principle approval from the regulator in the month of February this year, following which it had conducted several mock trading sessions in order to help exchange members to familiarise with trading in EGRs. The EGRs target both individual investor community as well as large commercial participants, the exchange press release noted.
The exchange is currently working in partnership with depositaries and vaults to ensure the overall development of the entire ecosystem around the EGR system. The EGRs are expected to deliver a unique and transparent channel for gold trade on its diversified platform, by assuring the quality of supplied gold. Moreover, it will result in creation of a more vibrant gold ecosystem in the country, BSE noted.
Sameer Patil, Chief Business Officer, BSE noted that the exchange is extremely thankful to SEBI for granting the final approval. Furthermore, he expressed confidence that the exchange will be able to soon launch trading in EGR.
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