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FOR the first time Indian retail investors in gold ETFs (exchange traded fund) will get a chance to take physical delivery.
Motilal Oswal Mutual Fund, which launched its gold-based ETF on Tuesday, will allow investors to take physical delivery in minimum 10 gm bars, a first for Indian markets.
Though a dozen gold ETFs have been launched so far since 2007, they allow only market participants to take delivery of physical gold, and that too at minimum 1 kg, valued at Rs 28 lakh at present prices.
The Motilal Oswal MOSt Shares Gold ETF is an open ended ETF that invests in bullion. The redemption of the units in minimum 10 gm gold bars will be done in association with RiddiSiddhi Bullions (RSBL), acting as primary authorised participants and market makers.
The delivery of the physical gold will take T+5 days where 'T' is the transaction day. The redemption of the same gold ETF in cash on exchanges for investor will take T+2 days. The physical delivery facility will be available across 22 cities in India.
There are already a dozen other gold ETF products by different asset management companies, but, physical delivery is not offered to individual retail investors. Only market participant can take physical delivery of minimum 1 kg gold.
This is a unique offering as it offers the best of both worlds – investment-cum consumption – in a very cost-effective manner.
By taking physical delivery of gold bars, investors will be able to buy pure gold much cheaper than available in coins and bar form with banks and jewellers who charge a premium of 6 to 17 per cent over the imported gold price.
RSBL and Motilal Oswal has tried to meet the needs of all Indians wanting to have gold in their portfolio, whether as an investment or physically. This product has everything for a consumer – effective pricing, assurance in purity and weight of LBMA (The London Bullion Market Association) listed refiner bars and tax efficiency. Units of the MOSt Gold Shares will be listed on the NSE and BSE.
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