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Our Bureau

Mumbai , Jan 16

The Securities and Exchange Board of India has issued guidelines for the valuation of gold to be held by gold exchange traded funds.

"The valuation for gold held by a gold exchange traded fund scheme shall be at the AM fixing price of London Bullion Markets Association (LBMA) in US dollars per troy ounce for gold having a fineness of 995 parts per thousand," SEBI said.

Amending the mutual fund regulations, it said the valuation of gold will be subject to the adjustment for conversion to metric measures as per standard conversion rates and adjustment for conversion of US dollars into rupees as per the RBI reference rate declared by the Foreign Exchange Dealers Association of India.

All the regulations relating to gold ETFs have been laid down. Only individual schemes submitted by the AMCs for gold ETFs need to be cleared by SEBI.

More Stories on : Gold & Silver | Regulatory Bodies & Rulings

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