Stocks

Refined gold delivered for first time in India on BSE platform

Our Bureau. Mumbai | Updated on November 03, 2020 Published on November 03, 2020

 

BSE has become the first domestic exchange to complete deliveries of gold under BSE-BIS India Good Delivery Standard on its commodity platform.

The BSE has executed gold delivery worth ₹1.5 crore in the 'Options in Goods' framework. The gold delivered in the contracts were domestically refined from recylced gold. Incidentally, this is the fifth consecutive month of deliveries at the exchange designated vault in Ahmedabad, Gujarat.

Empanelled members

The refined gold delivered on the exchange platform was produced by Augmont Enterprises and Parker Precious Metals LLP. In addition to these refineries, MD Overseas and Sovereign Metals are also empanelled by BSE to deliver serial-numbered gold bars on the exchange platform. Earlier, BSE used to accept only serial-numbered gold bars approved by the London Bullion Market Association for the settlement of gold contracts exchanged on the commodity derivatives segment of the exchange.

The exchange also executed deliveries of silver-based on LBMA standards under the 'Options in Goods' segment, at the exchange designated vault in Ahmedabad, Gujarat.

Sameer Patil, Chief Business Officer, BSE said the deliveries and acceptance of Indian refined gold shows the trust reposed by buyers and sellers on BSE-led initiatives.

This will facilitate increased participation and widen the array of acceptable gold provided by members for delivery of Bullion on commodity derivatives segment of BSE, he said.

The commodity derivatives segment of BSE registered the highest turnover of ₹5,010 crore on July 29.

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Published on November 03, 2020
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