The NSE and BSE will conduct trading in Gold ETF till 9 pm in Gold ETF on Akshaya Tritiya, considered an auspicious day for buying the yellow metal.Seeking to cash in on the investor demand for gold on the festive day, the country's top bourses said they have jointly decided to conduct extended live trading session on Friday — on the occasion of Akshaya Tritiya — for trading in gold exchange traded fund (Gold ETF) securities.
The trading will begin at 9 am, as on other days.Trading in other segments of the two bourses will start and stop at the usual hours.Akshaya Tritiya is observed on the third day of the Hindi month of Vaishaka and this year it falls on May 6. Last year Akshaya Tritiya had fallen on a Sunday and the exchanges had kept trading open till 5 pm.Trading in gold ETFs allows investors to buy or sell gold in electronic mode and not in the physical form.
The traded value of gold ETFs on NSE surged to Rs 4,074.30 crore in 2010-11, as against Rs 1842.36 crore in the previous year. The traded value on NSE for 2006-07 stood at Rs 13.95 crore, which grew to Rs 478.8 crore in 2007-08 and to Rs 1,172.30 crore in 2008-09.
There was only one asset management company offering gold ETF in 2007, as against about 10 now. These include Axis, Benchmark, UTI, HDFC, ICICI Prudential, Kotak, Quantum, Reliance, Religare and SBI mutual funds.
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