bse: BSE announces successful EGR transaction

Leading stock exchange BSE on Thursday announced the successful creation, transaction, and settlement of Electronic Gold Receipts (EGRs). The first transaction, took place on Monday during the muhurat trading session, was successfully settled on T+1 day (trade plus one), as investors benefitted from access to liquidity using the newly created EGRs, the exchange said in a statement.

The exchange also announced that over 100 members have been successfully onboarded on the newly launched EGR segment.

On the occasion of muhurat trading, BSE launched two new EGR products of 995 and 999 purity, and trading will be in multiples of 1 gram and deliveries in multiples of 10 grams and 100 grams, thus offering new solutions for investors, jewellers, and institutions to invest in Gold.

“By launching EGRs, BSE is delighted to offer greater choice to investors seeking to invest in gold. This reflects our commitment to continuously facilitate access to high-quality investment-based products and services for our stakeholders,” Sameer Patil, Chief Business Officer of BSE, said.

EGRs offers the participants a safe and convenient avenue to invest in gold and comes at a critical time to support Bullion Industry as it grows in scale. BSE expects greater trades and liquidity in the days ahead as it continues to educate the market and onboard new members.

In September, BSE had received the final approval from the capital markets regulator Securities and Exchange Board of India (Sebi) for introducing the EGR segment on its platform.

The exchange had received in-principal approval from Sebi in February after which the exchange conducted several mock trading in the test environment for exchange members to facilitate trading in EGRs.

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