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NSE Partners With Augmont to Promote Electronic Gold Receipts
The National Stock Exchange is working with Augmont Gold Tech on a new way to trade gold.
This system uses electronic gold receipts, or digital records that represent real gold.
The real gold will be kept in approved vaults.
People can turn physical gold into these receipts and later turn the receipts back into physical gold.
The receipts can also be traded on the exchange.
Augmont will help with the technology and practical work needed to run the system.
The partnership is intended to make gold trading more organised and transparent.
It may also help jewellers, refiners, traders and investors participate more easily.
The National Stock Exchange has empanelled Augmont Gold Tech as a partner to promote electronic gold receipts.
The partnership aims to simplify the creation, trading and extinguishment of electronic gold receipts.
Augmont will provide technical and on-ground support for developing the electronic gold receipt product.
Electronic gold receipts represent ownership of physical gold stored in Sebi-accredited vaults and held electronically through depositories.
The initiative seeks to improve price discovery, market participation, transparency and trust in India’s organised gold market.
- Who
- The National Stock Exchange and Augmont Gold Tech, a subsidiary of Augmont Enterprises.
- What
- NSE empanelled Augmont Gold Tech as a key partner to promote and develop electronic gold receipts.
- Where
- The initiative concerns India’s organised gold market and trading on the National Stock Exchange.
- When
- The announcement was made on Saturday; no specific date was provided.
- Why
- To simplify the conversion and trading of gold, improve price discovery and participation, and strengthen transparency and trust.
Key facts
- Partner
- Augmont Gold Tech
- Parent company
- Augmont Enterprises
- Product
- Electronic gold receipts (EGRs)
- Gold backing
- Each receipt is fully backed by physical gold.
- Storage
- The physical gold is stored in Sebi-accredited vaults.
- Trading
- EGRs can be traded on the exchange.
- Intended users
- Jewellers, refiners, traders and institutional investors
Sources
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