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Sebi proposes to bring all bullion trades under vault management rules
Here are the details:
The Securities and Exchange Board of India has proposed expanding its gold-backed Electronic Gold Receipts (EGR) framework to cover all physical bullion underlying SEBI-regulated products, including bullion exchange-traded funds and derivatives, according to a consultation paper.
Vault managers store physical gold that backs electronic gold receipts, which investors can trade on exchanges.
India is one of the world’s largest consumers of gold, and the electronic gold market has expanded in recent years as more investors seek alternatives to holding physical bullion.
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The consultation paper also proposed a circular outlining the framework for EGRs, along with operational guidelines for vaulting services across all SEBI-specified bullion-related instruments.
SEBI has invited public comments on the consultation paper until September 1.
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