Mumbai: The Bombay Stock Exchange (BSE) launched Electronic Gold Receipt (EGR). The EGR was launched during the Muhurat trading on Diwali.
BSE introduced 2 new products of 995 and 999 purity and trading will be in multiples of 1 gram and deliveries in multiples of 10 gram and 100 gram. This new move will help in efficient and transparent price discovery of gold in the market.
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Earlier, the Securities and Exchange Board of India (Sebi) approved BSE’s request to launch EGR on its platform. Individual investors and commercial investors like importers, banks, refiners, bullion traders, jewellery manufacturers, and retailers can participate I the trading of EGR.
India is the second largest consumer of gold globally with annual gold demand of approximately 800-900 tonne.
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