Regulatory Alerts2023-06-01
Master Circular on Electronic Gold Receipts (EGR)
The Securities and Exchange Board of India (SEBI) issued this Master Circular to consolidate all previous regulations governing Electronic Gold Receipts (EGRs) into a single framework effective June 1, 2023. The document establishes the operational structure for EGRs, detailing the three-tranche process of creation, trading, and conversion into physical gold, while mandating strict risk management and standard operating guidelines for vault managers and depositories. It further specifies trading features including market hours, pre-open session mechanics, block and bulk deal frameworks, and fungibility requirements to ensure investor protection and market integrity.
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