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The National Stock Exchange of India (NSE) on Monday announced the commencement of live trading in the Electronic Gold Receipts (EGR) segment, marking a significant step in the development of India's gold trading ecosystem.
According to an NSE press release, live trading in EGRs became operational with effect from May 18 after the successful completion of a mock trading exercise conducted on May 16. The exchange said the trial was completed without any errors or system exceptions, enabling seamless commencement of live operations. Electronic Gold Receipts are digital representations of physical gold and are aimed at creating a transparent and efficient mechanism for trading gold on exchanges. The launch is expected to deepen participation in the organised gold market and improve price discovery. The exchange said it has received an overwhelming response to the EGR product from market participants and the broader ecosystem. As part of the rollout, valuing and collection centres have already become operational in Ahmedabad and Mumbai. NSE further said four additional centres located in Delhi, Kolkata, Chennai and Bengaluru are being activated with immediate effect. The exchange added that the network will be expanded in a phased manner and is expected to scale up to nearly 120 centres across the country over time. NSE thanked market participants, intermediaries and ecosystem partners for their support and response towards the launch of the new segment. The launch of EGR trading comes as part of broader efforts by market regulators and exchanges to formalise gold trading and create a regulated spot market structure for the precious metal in India. National Stock Exchange of India operates a fully integrated business model spanning exchange listings, trading, clearing and settlement, indices, market data feeds, technology solutions and financial education offerings. (ANI)
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