SEBI issues framework for operationalizing Gold exchanges in India

SEBI has laid out a framework for operationalizing the gold exchange, wherein the Gold will be traded in the form of electronic gold receipts (EGRs). SEBI specifies that the supply of the physical gold, to be converted into EGR, will be the fresh deposit of gold, coming into the vaults, either through imports or through stock exchange accredited domestic refineries. Vault managers will have to ensure that ‘gold’ to be converted into EGR meets the criteria.SEBI has laid out a framework for operationalizing the gold exchange, wherein the Gold will be traded in the form of electronic gold receipts (EGRs). SEBI specifies that the supply of the physical gold, to be converted into EGR, will be the fresh deposit of gold, coming into the vaults, either through imports or through stock exchange accredited domestic refineries. Vault managers will have to ensure that ‘gold’ to be converted into EGR meets the criteria.taxmann.com Latest Statutory HappeningsRead More

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