Tighter verification norms for Gold Exchange-Traded Funds (ETFs)

With gold ETFs (exchange-traded funds) gaining popularity among investors, the Securities and Exchange Board of India (SEBI) is making the norms for verification of underlying assets (physical gold) tighter.

In a circular issued today, SEBI said that "physical verification of gold underlying the gold ETF units should be carried out by statutory auditors of mutual fund schemes and reported to trustees on half yearly basis."
It further said that the confirmation on physical verification of gold should also form part of half yearly report by trustees to SEBI.

"As size of asset under management in gold ETFs is increasing, SEBI wants to be extra cautious with the quality of underlying asset (that is gold) and hence creating these checks and balances," Rajan Mehta, executive director, Benchmark Mutual Fund, told Value Research. Benchmark Mutual fund accounts for 40 per cent of the total Rs 3,000 crore assets under management of gold ETFs.

The new norm on half yearly reporting of statutory audits will come into effect from April 2011.

SBI Magnum Tax Gain Scheme 1993 Applcation Form

https://sites.google.com/site/mutualfundapplications/tax-saving-mutual-funds-elss Investment Details Basics Min Investment (Rs) 500 Subsequent Investment (Rs) 500 Min Withdrawal (Rs) -- Min Balance -- Pricing Method Forward Purchase Cut-off Time (hrs) 15 Redemption Cut-off Time (hrs) 15 Redemption Time (days) -- Lock-in 1095 days Cheque Writing -- Systematic Investment Plan SIP Yes Initial Investment (Rs) -- Additional Investment (Rs) 500 No of Cheques 12 Note Monthly investment of Rs 1000 for 6 months and quarterly investment of Rs 1500 for 4 quarters.

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Invest in Tax Saving Mutual Funds	Download Any Applications
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Invest in Tax Saving Mutual Funds	Download Any Applications
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Buy Gold Mutual Funds	Invest Now

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