• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

GOLDEN LAUNCH: Mr Sanjiv Shah, Executive Director, Benchmark Asset Management Company Pvt Ltd, at a press conference to launch "Gold Exchange Traded Fund (Gold BeES)" in Mumbai on Wednesday. - Shashi Ashiwal

Advertisement

Mumbai, Jan. 31 Benchmark Asset Management Company launched India's first gold exchange traded fund, `Gold BeES.' The primary investment objective of Gold Benchmark Exchange Traded Scheme (Gold BeES) will be to provide returns that, before expenses, closely corresponding to the market price of gold.

Gold BeES is an open-ended, Exchange listed scheme tracking domestic prices of gold through investments in physical gold. The new fund offer (NFO) starts on February 15 and closes on February 23.

Each unit of Gold BeES will be approximately equal to the price of one gram of gold. During the NFO there will be an entry load ranging from 1.5 per cent to 0 per cent, while no load would be charged on an ongoing basis. However, the investor will have to pay the brokerage charges applicable on the trade.

Total expense ratio of the fund will not exceed one per cent per annum.

The investors will be exempt from wealth tax but will have to pay long-term capital gains tax.

The minimum initial investment in the fund is Rs 10,000 and in multiples of Rs 1,000 thereafter.

After the NFO, as Gold BeES will be listed on the NSE, investors can buy or sell units of Gold BeES from the secondary market and a minimum of one unit can be bought or sold on the exchange.

The custodian for the scheme will be The Bank of Nova Scotia and Citibank NA will do the fund accounting.

More Stories on : New Fund Offer | Gold & Silver

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Benchmark AMC launches Gold Exchange Traded Fund

Copyright © 2007, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line