SEBI’s Board on Tuesday cleared a proposal for setting up a gold exchange wherein the yellow metal will be traded in the form of electronic gold receipts and the bourse will help in having a transparent domestic spot price discovery mechanism. The instruments representing gold will be called Electronic Gold Receipts (EGRs) and will be notified as securities, SEBI Chairman Ajay Tyagi said at a press conference after the Board meeting. “EGRs will have the trading, clearing and settlement features akin to any other securities,” he said.Any recognised stock exchange, existing as well as new, can launch trading in EGRs in a separate segment. The denomination for trading of EGR and conversion of EGR into gold can be decided by the stock exchanges with the approval of SEBI.
Related Articles
Kangana Ranaut opens cafe and restaurant in Manali
Actress Kangana Ranaut has ventured into the food and beverage business by opening a cafe and restaurant in her hometown Manali. On Tuesday, Kangana shared photographs from the location where her cafe will be set […]
Historic Mayoral Town Hall on August 6
AARP, Hispanic Federation, Asian American Federation NAACP, & NALEO Join Forces to bring Voting Powerhouses’ Issues to Center Stage In partnership with WXTV Univision 41, WABC, Amsterdam News, and SinoTV/1380 AM, Town Hall will focus […]
Ratha or Surya Saptami
Ratha Saptami or Surya Saptami marks the birth of Surya to sage Kashyapa and his wife Aditi and hence celebrated as Surya Jayanti. A legend is narrated by the Kamboja empire’s King Yashovarma, a noble […]
Be the first to comment