India’s UTI Asset Management Co. Pvt. Ltd will open its gold exchange-traded fund (ETF) on 1 March with a minimum subscription pegged at Rs20,000, an official said.
The issue will close on 12 March and the fund will be listed on the National Stock Exchange, R. Raja, product head, said on Thursday.
“We are expecting this scheme to be very successful,” said Raja. “Already 25-30% of the gold we import is going in investment.”
India imports about 700 tonnes of gold annually.
The ETF units will have a face value of Rs100 each, he added. Gold ETFs, which are listed and traded like individual stocks, are new in India.