MUMBAI, Oct 19: Top stock exchanges NSE and BSE have decided to extend the trading session for Gold Exchange Traded Funds on Tuesday till 7 PM on account of Dhanteras – a day considered auspicious for buying gold.
Besides, both the bourses have decided to waive off the transactions charges for all trades in gold ETF securities on that day.
In separate notices, NSE and BSE said that they would conduct “an extended live trading session on Tuesday, October 21, 2014” in Gold ETF securities “on the auspicious occasion of Dhanteras”.
After the regular market hours from 9:00 AM to 3:40 PM, trading in gold ETFs will resume at 4:30 PM on October 21 and continue till 7 PM, the exchanges said.
The Gold ETFs track the metal’s prices and each unit of these securities is generally equivalent to one gram of gold.
It is considered auspicious to buy valuables like gold on occasions like Dhanteras, Diwali and Akshay Tritiya in India.
Returns from Gold ETFs are linked to the domestic price of physical gold but spare the investors from the trouble of buying and keeping the yellow metal in physical form.
Gold ETF of — Axis Mutual Fund, Birla Sun Life Mutual Fund, Goldman Sachs Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, IDBI Mutual Fund and Kotak Mutual Fund — are some of the securities that would be available for trading on Tuesday.
BSE and NSE have informed their members that all unmatched pending orders of Gold ETF securities at 3:30 PM would be cancelled and not carried forward to the extended trading session.
“Members would remain logged in to the trading system after the end of post closing session at 4:00 pm and would no need to log in again for the extended trading session at 4:30 pm,” BSE said in its notice.
“All trades done on Tuesday, October 21, 2014 during the normal as well as extended trading sessions would be merged and settled on October 27, 2014 as per existing settlement schedule,” it added. (PTI)
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