New Delhi, May 12 2013,
Bourses are pulling out all the stops to attract investors to gold ETFs (Exchange Traded Funds) tomorrow on the occasion of Akshaya Tritiya festival, by waiving off charges and extending the trading hours.
It is considered auspicious to buy gold on the day of Akshaya Tritiya and the exchanges and fund houses are looking to cash in on the opportunity by hard-selling the gold ETFs, which allow the investors to trade in yellow metal in electronic format like shares or other securities.
Gold ETFs track physical prices of the yellow metal and each unit of ETFs is generally equivalent to one gram of gold. Over a dozen gold ETFs are listed on bourses.
Both the leading stock exchanges NSE and BSE have decided to extend the trading session for gold ETFs tomorrow beyond the normal market hours of 9 am to 3.30 pm. They can be traded till 7 PM tomorrow on this special occasion.
Besides, the bourses have decided to waive off the transaction charges for trades in gold ETFs on that day.
The National Spot Exchange Limited (NSEL) has also waived off transaction charges and conversion charges pertaining to physical conversion of demat units. Accordingly, there would be no transaction charges for all transactions of e-Gold,
e-Silver and e-Platinum on May 13, it said.
\"Prospective buyers remain upbeat as the upcoming marriage and festival season along with Akshaya Tritiya hint at higher gold demand from Indian investors,\" said Reliance Mutual Fund in an outlook report for the day.
The market participants say that gold ETFs offer many benefits over the physical gold, such as lower costs, greater transparency, purchase in small units and an easier exit.
Akshaya Tritiya gold ETF volumes on NSE surged to Rs 608 crore in 2012, a growth of 43 per cent from the previous year.
News From: http://www.7StarNews.com
Sunday, May 12, 2013
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