The Securities and Exchange Board of India (Sebi), through a circular issued on 21 May, laid down the rules of investing for mutual funds with regard to exchange-traded commodity derivatives (ETCD). The rules apply to gold exchange-traded funds (ETFs) as well. This means that gold ETFs can now invest in ETCDs with gold as the underlying as part of their portfolio. Will investment in ETCDs change the profile of gold ETFs and what will be the impact on the return and risk features of these schemes?
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