New Delhi, Sept. 27 -- The National Stock Exchange (NSE) has empanelled Augmont Gold Tech, a subsidiary of Augmont Enterprises as a key partner for promoting electronic gold receipts, aimed at deepening India's organised gold market.
The strategic partnership is designed to simplify the creation and extinguishment of electronic gold receipts (EGR) and promote their trading on the exchange, NSE said in a statement on Saturday.
Under the arrangement, Augmont will provide technical and on-ground support for the development of the EGR product, drawing on its experience across the gold value chain.
The partnership will facilitate conversion of physical gold into EGRs and their subsequent conversion back into physical gold within the regulated ecosystem.
EGRs are dematerialised securities representing ownership of physical gold stored in Sebi-accredited vaults and held electronically through depositories.
Each receipt is fully backed by physical gold and can be traded on the exchange.
Published by HT Digital Content Services with permission from Millennium Post.