IDBI Gold Exchange Traded Fund listed on NSE, BSE

IDBI Gold Exchange Traded Fund, recently launched by IDBI Mutual Fund (“IDBI Gold”) was listed on NSE and BSE, today. The New Fund Offer of IDBI Gold ETF, which concluded on November 2, 2011 drew an overwhelming response from retail investors including HNIs, numbering over 11,000 and collected over Rs 110 crores.

The date of allotment of units under the Fund was November 9, 2011. The Fund will invest in physical gold with the objective of replicating the performance of gold in domestic prices.

Speaking on the occasion of listing, Shri R M Malla, Chairman & Managing Director, IDBI Bank Ltd and Chairman, IDBI Asset Management Ltd. said, “IDBI Gold offers benefits of a conventional mutual fund with the added advantage of real time price discovery at near wholesale prices. Listing the IDBI Gold ETF will facilitate liquidity and access to retail investors and broad-base ownership of IDBI Gold units.”

Shri Debasish Mallick, MD & CEO, IDBI Asset Management Ltd said “Gold is a prudent asset diversification strategy in the times of economic uncertainty and inflation. Latest industry report indicates that the average assets under management for Gold ETFs is more than Rs. 9000 Crores which indicates that Gold is emerging from the shadows of equity and debt with an identity of its own as a preferred investment opportunity”