SEBI’s Board on Tuesday cleared a proposal for setting up a gold exchange wherein the yellow metal will be traded in the form of electronic gold receipts and the bourse will help in having a transparent domestic spot price discovery mechanism. The instruments representing gold will be called Electronic Gold Receipts (EGRs) and will be notified as securities, SEBI Chairman Ajay Tyagi said at a press conference after the Board meeting. “EGRs will have the trading, clearing and settlement features akin to any other securities,” he said.Any recognised stock exchange, existing as well as new, can launch trading in EGRs in a separate segment. The denomination for trading of EGR and conversion of EGR into gold can be decided by the stock exchanges with the approval of SEBI.
India
Farm laws scrapped, President gives assent
The three controversial farm laws that provoked a yearlong agitation in Delhi’s borders stood annulled on Wednesday, Dec 1, with President Ram Nath Kovind giving his assent to the repeal bill. The Farm Laws Repeal […]
United States
Lawmakers Ask Ethics Agency to Look into Sexual Misconduct Allegations against Trump
Their letter comes after Republican congressional leaders pushed back on conducting an investigation. WASHINGTON (TIP): In the wake of congressional leaders dodging calls for a probe into accusations against President Donald Trump of sexual misconduct, […]
Business & Economics
Elon Musk fires Twitter staff again despite promises of no more layoffs: Report
Despite promising in November 2022 that there will be no more layoffs, Elon Musk has fired more employees from Twitter, as per a report in The Verge. Tech site The Information first reported about layoffs […]
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