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SEBI Allows Non-Bank SEBI Registered Custodians To Manage Gold Products

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SEBI has overhauled the management of gold ETFs and other gold related products which can now even be managed by non-bank SEBI registered custodians. In the current regime only, banks that are registered as custodians with the market regulator can administer these investment options.

 

SEBI Allows Non-Bank SEBI Registered Custodians To Manage Gold Products

So, making changes to the norms relating to mutual fund schemes, SEBI said, "In case of a gold exchange-traded fund scheme, the assets of the scheme being gold or gold related instruments may be kept in the custody of a custodian registered with the board". For the purpose amendment has been implemented in Securities and Exchange Board of India (Mutual Funds) Regulations, 1996.

Thus, with the change both banking and non-banking custodians registered with SEBI will manage gold or gold related investments including gold ETFs. So, the move will reduce the concentration of such services for gold investment. Also, at the same time, the market regulator has allowed AMCs or sponsors to invest in close ended mutual fund schemes.

GoodReturns.in

Read more about: gold gold etfs sebi
Story first published: Tuesday, March 10, 2020, 11:36 [IST]
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