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Published
Jan 14, 2022
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Market regulator Sebi issues framework, gears up to launch Gold Exchange

Published
Jan 14, 2022

​Market regulator Sebi is gearing up to launch its Gold Exchange. The organisation has issued a framework for ‘Gold Exchange and Sebi (Vault Managers) Regulations’ to fit with the new government regulation which declares “electronic gold receipts” as ‘securities’.

Sebi's Gold Exchange is expected to lead to a boom in EGRs


After the Government of India made its ruling on electronic gold receipts via a vide Gazette notification dated December 31, 2021, Sebi began paving the way for its upcoming Gold Exchange, the Gem and Jewellery Export promotion Council reported on its website. Sebi had previously approved its framework for the exchange in its board meeting held on September 28, 2021.
 
Stock exchanges which want to trade in electronic gold receipts can apply to Sebi for approval and will be able to trade them in a new segment. EGRs are created, then traded, then can be converted into physical gold. EGRs must be tied to physical gold and they must come from a fresh deposit of gold into the vault either sourced via import or accredited domestic refineries.

Electronic gold has significantly risen in popularity in India, fuelled by the online shopping boom caused by the pandemic and gold’s popularity as an investment and gift. By setting up a gold exchange, the government wants India’s large influence on the physical market for gold to also be visible in the financial market for gold, Moneycontrol reported. 

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