The Security and Exchange Board of India (SEBI) board on September 28, 2021 cleared a proposal for setting up a gold exchange.
- In the proposed gold exchange, the gold will be traded in the form of electronic gold receipts and it will help in having a transparent domestic spot price discovery mechanism.
- The instruments representing gold will be called Electronic Gold Receipts (EGRs).
- Finance Minister Nirmala Sitharaman, while presenting the Budget 2021-22, had said that SEBI will be the regulator for gold exchange and Warehousing Development and Regulatory Authority (WDRA) will be strengthened to set up the commodity market ecosystem.
- The gold exchange would be a national platform for buying and selling EGRs with underlying standardised gold in India and also create a national pricing structure for gold.
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