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SEBI unveils roadmap for bullion trading May 17, 2021 Proposes Electronic Gold Receipts to bring in transparency Indian investors will soon see a new class of security known as Electronic Gold Receipts (EGR) that will be available for trading on the stock exchanges. Like shares, these EGRs will be held in demat form and can be converted into physical gold when needed. This is part of SEBI’s plan to allow trading of spot gold on the exchange platforms. India is one of the world’s largest consumers of gold with annual demand of around 900-1,000 tonnes. But the purchase of spot gold is only on over-the-counter market as of now. In this year’s Budget, the Finance Minister had designated SEBI as a regulator for spot exchanges. The National Stock Exchange, BSE, the Multi Commodity Exchange and National Commodity & Derivatives Exchange are expected to be given permission initially to trade EGRs. ....
SEBI mulls a spot bullion exchange in Mumbai April 20, 2021 Move could overlap with GIFT City’s plans Markets regulator SEBI is mulling a bullion spot exchange in Mumbai, a move that could clash with the plans announced by the Gujarat International Finance Tec-City (GIFT). The Securities and Exchange Board of India (SEBI) was designated to regulate the spot bullion market in February by the Finance Minister in the budget speech. SEBI has held two meetings with the National Stock Exchange, the BSE, the Multi Commodity Exchange and the National Commodities and Derivatives Exchange so far to discuss the matter, sources told ....