Business Daily from THE HINDU group of publications
Saturday, Jan 20, 2007
ePaper
Business Daily from THE HINDU group of publications Saturday, Jan 20, 2007 ePaper |
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Markets
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New Fund Offer Agri-Biz & Commodities - Gold & Silver Our Bureau
Mumbai , Jan. 19 Prudential ICICI AMC has filed for its Prudential Gold Exchange Traded Fund (Gold ETF) with Securities and Exchange Board of India. Its fund is an open-ended scheme, which will track the domestic price of gold through investments in physical gold. Prudential ICICI AMC is the fourth mutual fund company to file for a gold ETF. Recently, SEBI gave the nod to UTI AMC and Benchmark AMC to start the first gold ETFs in the country. Kotak AMC's ETF is awaiting clearance. ETF schemes seek to generate returns that closely track the performance and yield of the domestic prices of gold. Prudential Gold ETF will issue units of Rs 10 each and will be listed on the Bombay Stock Exchange or more exchanges, the AMC said in its offer document. The units will be available only in the dematerialised form. The AMC has appointed HDFC Bank Ltd as the custodian for its gold ETF. Mr Rahul Goswami will be the fund manager for the scheme. The fund will invest 90-100 per cent of its corpus in gold bullion and 0-10 per cent in the debt and money market. The minimum application amount for the gold ETF is Rs 5,000. The scheme will allow for redemptions only during the liquidity period at an applicable exit load.
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