SEBI prepares for the release of Electronic Gold Receipts

In order ramp up the operations related to spot gold exchanges in the country, The securities and exchange board of India has big steps forward. The regulator is now planning to impose a specific fee that the stockbroker would be required to pay to SEBI for transactions involving sale and purchase of electronic gold receipts (EGRs) in the stock market.

The new fee which will be levied is fixed at ₹0.00010 per cent of turnover (i.e ₹ 10 for every 1 crore transacted) for EGR. SEBI also stated that every clear member & and self-clearing member transacting in EGR must have a deposit of ₹1 crore.