India Good Delivery Bars: IBJA Seeks MCX and ETF Access
Why in the news
The bullion association asked regulators to open MCX and ETFs to bars refined in India.
Current position
| Item | Status |
|---|---|
| MCX | 100g Indian-made gold bars allowed, not for 1kg benchmark |
| ETFs | Backed by LBMA-approved imported bars |
| Indian bars | Refined at BIS- and NABL-approved facilities |
About MCX and ETFs
- MCX: largest commodity derivatives exchange, SEBI-regulated, based in Mumbai.
- ETFs trade like shares and track an asset.
- Gold ETFs (2007): physical gold with SEBI-approved custodians; a unit is about 1 gram.
- Silver ETFs (2021): physical silver in demat units.
Exam angle
- Years to recall: 2007 and 2021.