Special trade at stock exchanges Akshaya Tritiya

Mumbai, May 16 (ANI): Due to Hindu festival Akshaya Tritiya, considered auspicious for buying gold, the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) kept a special window open for trading in Gold ETFs (exchange traded funds) on Sunday.

"It is a first time initiative taken by the stock exchange for the people who want to purchase paperless gold and have an option to trade through their respective brokers. They can buy or sell whatever they want to do. It is a wonderful gesture that both the exchanges have taken," said Siddhartha Kuvawala, an investor.

Historically, gold sales see a surge on the occasion of Akshay Tritiya.With increasing popularity of gold ETFs, Indian stock exchanges -BSE and NSE-provided the members and their clients' access to gold ETFs on this special day to increase financial inclusion by providing sound financial investment products to households.The ETF market is an important vehicle through which the retail investors gain access to a broad range of assets.

"Looking at all this, it is a better option for investors who are looking long term," said Kuvawala.

Gold ETFs have been doing well in Indian markets. Compared to other geographies where ETFs are popular, India is unique in the sense that the ETF market till date has been driven by gold ETFs, both in terms of number of instruments and AUM (assets under management).

The seven Gold ETFs, including Benchmark Goldbees, Kotal Gold ETF, Quantum Gold Fund, Reliance Gold ETF, Religare Gold ETF, SBI MF-SBI Gold ETS-Go and UTI Gold ETF were available for trading. (ANI)