Gold Exchange Framework: The Market Regulator (Sebi) on Tuesday approved the proposal to set up a gold exchange. Trading of gold in the Gold Exchange can be done through Electronic Gold Receipt (Receipt) ie EGR. This will bring more transparency in the spot price of gold. SEBI Chairman Ajay Tyagi said in a press conference that the representative instrument of gold will be called Electronic Gold Receipt (EGR). He said that like other securities including shares, trading, clearing and settlement of electronic gold receipts will also take place.
The minimum price of EGR will be decided after SEBI’s approval
Electronic Gold Receipt (EGR) will be launched from any recognized stock exchange or new stock exchange. Only after the approval of SEBI will it be decided that what will be the minimum price of EGR. After this the stock exchanges will be able to convert EGR into gold. According to SEBI, the gold exchange will have a complete eco-system for trading of EGR and delivery of physical gold and will provide greater transparency and choice in gold trading in the country.
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Gold Exchange will be the national platform for buying and selling of EGR
Gold Exchange will be the national platform for buying and selling of EGR. Standard gold will be traded under EGR and will help in creating uniform price structure of gold across the country. At present there is no gold price in the country. The cost of gold in the southern states is less than in the northern states. Also, the southern states are ahead in the market transparency. Finance Minister Nirmala Sitharaman, while presenting the budget for 2021-22, had said that SEBI would be the regulator for the gold exchange. He had said that the Warehousing Development and Regulatory Authority (WDA) commodity market will be strengthened to make the commodity market ecosystem.
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