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Yellow fever: Soon, you can buy paper gold on bourses
Sebi has given the green signal to UTI MF and Benchmark MF to launch India’s first gold exchange traded fund (GETF) schemes.
Updated : Sep 14, 2017, 04:06 PM IST
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MUMBAI: The Securities and Exchange Board of India (Sebi) has given the green signal to UTI MF and Benchmark MF to launch India’s first gold exchange traded fund (GETF) schemes.
The fund houses said that they have received the regulatory approval to launch the new fund offers (NFOs) for the schemes on Wednesday.
The Sebi move comes a year after notifying the regulations to enable mutual funds to invest in gold.
“We got the approval today. Now there will be an NFO and it will take some time. Our GETF is being named Gold BeES,” said Rajan Mehta, managing director, Benchmark Asset Management Company. He said that the company does not have any fund size on mind to start with. The minimum amount of investment in the scheme will be Rs 10,000 and in units of Rs 1,000 thereafter. Gold BeES will be listed and traded on the National Stock Exchange.
A UTI MF spokesperson said that the fund house plans to come out with its NFO in two months. It will be called UTI Gold Exchange Traded Fund.
A third fund house, Kotak MF, which had also applied for a GETF scheme is yet to get Sebi approval. Investors in UTI’s fund will have to pay an entry load of 2.5%.
A GETF is a mutual fund that invests in gold as the underlying asset. GETFs would be listed and traded on exchanges. Their net asset value will move in tandem with the spot market price of gold in the London Bullion Market Association, and will be calculated after factoring in other costs like octroi.
Sebi, on January 12, 2006, had notified in a gazette about the amendment of regulations regarding investment in gold by mutual funds.
Later in April 2006, it released a circular explaining the operational aspects of GETFs. However, the lack of an approved and cost-efficient custodian and other related issues had delayed the process.
