MUMBAI (Commodity Online): MOSt Shares Gold ETF, an open exchange traded fund, promoted by Motilal Oswal Mutual Fund, will be open for subscription from March 2-16, 2012. The shares will be listed at Bombay Stock Exchange and National Stock Exchange.
The minimum investment amount during the NFO is INR 10,000 and in multiples of INR 1 each thereafter. The fund manager of the scheme is Mr. Rajnish Rastogi. The investment objective of the Scheme is to provide return by investing in Gold Bullion. The performance of the fund will be benchmarked to the Spot Gold Price. All gold bullion held in the scheme’s allocated account with the custodian shall be of finesse (or purity) of (99.5%) or higher.
MOSt Gold Shares is supported by RiddiSiddhi Bullions Ltd (RSBL), as primary Authorised Participants and Market Makers.
Nitin Rakesh, CEO, Motilal Oswal AMC said, “MOSt Gold Shares is a unique offering as it offers the best of both worlds – investment cum consumption - in a very cost effective way, you can get gold at lower price!”
“RSBL and Motilal Oswal has tried to meet the needs of all Indians wanting to have gold in their portfolio - whether as an investment or as physical. This product has everything for a consumer - effective pricing, assurance in purity and weight of LBMA listed refiner bars and tax efficiency.” said Mr. Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions Limited (RSBL).
