The Hindu Business Line : Reliance gold fund makes premium debut

Mumbai, Nov 26 Reliance Gold Exchange Traded Fund, an open ended fund, made its debut on the NSE today opened at a premium of 5.03 per cent. It opened at Rs 1,069 and this was also the highest price it touched during the day. While it touched a low of Rs 1,025 and closed at Rs 1,055.7.

The NFO for the fund was between October 15, 2007 and November 1, 2007 and during this period the fund raked up Rs 3 billion. This makes it the fourth largest gold exchange traded fund. The others include Gold Benchmark Exchange Traded Fund, UTI Gold Exchange Traded Fund and Kotak Gold Exchange Traded Fund. The fund is planning to invest 90 per cent of the corpus in physical gold and gold related securities and the remaining ten per cent will be invested in debt and money market securities. The fund is benchmarked against the price of gold.

The face value is Rs.100 and the dividends options are available. The minimum application amount is Rs 5,000. The entry load during the NFO period was 1.50% for investment less than Rs. 1 lakh, 0.75% for investment equal to or greater than Rs.1 lakh but less than Rs. 25 lakhs, 0.50% for investment equal to or greater than Rs.25 lakhs but less than Rs. 50 lakhs and 0.25% for investment equal to or greater than Rs.50 lakh but less than Rs. 1 crore. During the continuous offer period there will be no entry load nor exit load.

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