Electronic Gold Receipts: BSE ties up with MMTC-PAMP to grow EGR market
Why in the news
BSE Ltd signed an agreement with MMTC-PAMP India Private Limited, reported on 23 October 2026, to promote and widen the market for Electronic Gold Receipts (EGRs) in India.
Key facts
- The tie-up covers joint initiatives, stakeholder outreach, knowledge sharing and market development programmes.
- BSE will help launch EGR contracts in several denominations and support conversion between physical gold and EGRs, subject to the law.
- MMTC-PAMP will bring its skills in refining, assaying, EGR creation, redemption and delivery of bullion.
- Leaders: Sundararaman Ramamurthy (MD and CEO, BSE) and Samit Guha (MD and CEO, MMTC-PAMP India).
EGR at a glance
| Feature | Detail |
|---|---|
| Regulator | SEBI (notified as securities) |
| Trading units on BSE | 100 mg, 1 g, 10 g |
| Deposit/withdrawal units | 1 g, 10 g, 100 g |
| Purity | 999 and 995 |
| Holding | Demat account |
About EGRs and MMTC-PAMP
EGRs are electronic instruments that stand for physical gold stored in designated vaults. They are traded, cleared and settled on an exchange much like other securities. Vault managers accept gold deposits, store the metal and create or extinguish EGRs; when gold is deposited, EGRs reach the investor’s demat account on T+1. BSE, Asia’s oldest stock exchange, was the first in India to start EGR trading.
MMTC-PAMP India is a precious metals refiner set up as a joint venture with MMTC Ltd, a Government of India undertaking, and is part of the global MKS PAMP Group. It is described as the only refiner in India accredited by the London Bullion Market Association (LBMA) as a Good Delivery refiner for both gold and silver.
Exam angle
- EGRs are regulated by SEBI, not the RBI.
- LBMA stands for London Bullion Market Association.
- Smallest EGR trading unit on BSE: 100 milligrams.