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Who launched Electronic Gold Receipt (EGR) on 24 October 2022?
A)
Calcutta Stock Exchange
B)
Bombay Stock Exchange
C)
National Stock Exchange
D)
Securities and Exchange Board of India

Correct Answer :   Bombay Stock Exchange


BSE, or the Bombay Stock Exchange, launched Electronic Gold Receipt (EGR) on its platform on  24 October 2022. It introduced two new products of 995 and 999 purity during the Muhurat trading on Diwali.
 
How The Trading Will Happen : Trading will be in multiples of 1 gram and deliveries in multiples of 10 gram and 100 gram. The EGR market will remain open from 9:00 am to 9.30 pm. It will have T+1 settlement. EGR allows efficient price discovery and standardization of gold, transparency in gold transactions, promotion of India Good Delivery Standard and settlement guarantee to the Investors.
 
India & The Gold : India is the second largest consumer of gold globally, with annual gold demand of approximately 800-900 tones, and holds an important position in the global markets.

Despite being second only to China, in consumption of gold, India has remained only as a price-taker in the global markets. To address the issue, Government of India have authorized the introduction of a gold exchange where the metal will be traded in Electronic Gold Receipts (EGR) form on Indian exchanges (BSE, NSE etc.)..

Source : Business Standard

Published On : October 28, 2022
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