Join our smart investors - Get the best stock directories in  blockchain, cannabis, crypto, AI, IoT, cleantech. Daily podcasts in cannabis and crpto. Just $99  a year

#BSE's Online Bidding Platform for Sovereign Gold Bond Scheme 2018-19 – Series 2 will go live from October 15 to, October 19, 2018

 

Mumbai - October 15, 2018 (Investorideas.com Newswire) Asia's first exchange and now world's fastest exchange with response time of 6 microseconds is pleased to announce that BSE's Online Bidding Platform for Sovereign Gold Bond Scheme (SGB) Scheme 2018-19 – Series 2 will be open for subscription from Monday, October 15 to, October 19, 2018 for trading members to subscribe to the issue for their clients. This bidding platform is part of the iBBS (Internet-based Book Building System) - Exchange's existing web-based online bidding platform for IPO, Offer for Sale (OFS), Offer to buy.

Sovereign Gold Bond (SGB) are Government securities denominated in multiples of gram(s) of gold. Investors can buy these bonds through authorised SEBI Brokers. These Bonds are issued by the Reserve Bank of India on behalf of the Government of India and are traded on stock exchanges.

The quantity of gold for which the investor pays is protected, since they receive the ongoing market price at the time of redemption/ premature redemption. The SGB offers a superior alternative to holding gold in physical form. The risks and costs of storage are eliminated. Investors are assured of the market value of gold at the time of maturity and periodical interest. SGB is free from issues like making charges and purity in the case of gold in jewellery form. The bonds are held in demat form eliminating risk of loss of scrip etc. The bond holder also gets 2.50% coupon payment per year, paid semi-annually, directly into the investors' bank account registered with their demat account. The bonds will carry sovereign guarantee both on the redemption amount and the interest payable.

Government of India, in consultation with the Reserve Bank of India, has decided to issue Sovereign Gold Bonds. The Sovereign Gold Bonds will be issued every month from October 2018 to February 2019 as per the calendar specified below:


In terms of GoI notification F.No.4(22)-W&M/2018 and RBI circular IDMD.CDD.No.821/14.04.050/2018-19 dated October 08, 2018, the Sovereign Gold Bond Scheme 2018-19 - Series II will be opened for subscription for the period from October 15, 2018 to October 19, 2018. The nominal value of the bond based on the simple average closing price [published by the India Bullion and Jewellers Association Ltd (IBJA)] for gold of 999 purity of the last three business days of the week preceding the subscription period, i.e. October 10-12, 2018 works out to ₹3,146/- (Rupees Three Thousand One Hundred Forty Six only) per gram.

Government of India, in consultation with the Reserve Bank of India, has decided to offer a discount of ₹50 per gram less than the nominal value to those investors applying online and the payment against the application is made through digital mode. For such investors, the issue price of Gold Bond will be ₹3096/- (Rupees Three Thousand Ninety Six only) per gram of gold.

About BSE

BSE (formerly Bombay Stock Exchange) established in 1875, is Asia's first & now the world's fastest Stock Exchange with a speed of 6 microseconds. BSE is India's leading exchange group and has played a prominent role in developing the Indian capital market. BSE is a corporatized and demutualised entity, with a broad shareholder base that includes the leading global exchange- Deutsche Bourse, as a strategic partner. BSE provides an efficient and transparent market for trading in equity, debt instruments, equity derivatives, currency derivatives, interest rate derivatives, mutual funds and stock lending and borrowing.

BSE also has a dedicated platform for trading in equities of small and medium enterprises (SMEs) that has been highly successful. BSE also has a dedicated MF distribution platform BSE StAR MF which is India Largest Mutual Funds Distribution Infrastructure. On October 1, 2018, BSE launched commodity derivatives trading in delivery-based futures contract in gold (1 kg) and silver (30 kg).

BSE provides a host of other services to capital market participants including risk management, clearing, settlement, market data services and education. It has a global reach with customers around the world and a nation-wide presence. BSE's systems and processes are designed to safeguard market integrity, drive the growth of the Indian capital market and stimulate innovation and competition across all market segments.

Indian Clearing Corporation Limited, a wholly owned subsidiary of BSE, acts as the central counterparty to all trades executed on the BSE trading platform and provides full novation, guaranteeing the settlement of all bonafide trades executed. BSE Institute Ltd, another fully owned subsidiary of BSE runs one of the most respected capital market educational institutes in the country. Central Depository Services Ltd. (CDSL), associate company of BSE, is one of the two Depositories in India.

Media Contact

Yatin Padia / Rahul Vyas
022 2272 8516/ 2272 8472
Yatin.padia@bseindia.com / Rahul.vyas@indiainx.com

DISCLAIMER : The contents of this message may be legally privileged and confidential and are for the use of the intended recipient(s) only. It should not be read, copied and used by anyone other than the intended recipient(s). If you have received this message in error, please immediately notify the sender, preserve its confidentiality and delete it. Before opening any attachments please check them for viruses and defects. DISCLAIMER : The contents of this message may be legally privileged and confidential and are for the use of the intended recipient(s) only. It should not be read, copied and used by anyone other than the intended recipient(s). If you have received this message in error, please immediately notify the sender, preserve its confidentiality and delete it. Before opening any attachments please check them for viruses and defects.

More Info:

Investorideas.com Newswire

This news is published on the Investorideas.com Newswire - a global digital news source for investors and business leaders


Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Contact each company directly regarding content and press release questions. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release on the Investorideas.com newswire https://www.investorideas.com/News-Upload/

Additional info regarding BC Residents and global Investors: Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: https://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country.

Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp