Mr. Ashok Dhamnaskar, an investor from Mumbai has become India`s First Investor to convert ETF units to physical gold. On Thursday April 12, 2012, Mr. Dhamnaskar redeemed his Motilal Oswal MOSt Shares Gold ETF units to get physical gold.
With Mr. Nitin Rakesh, MD & CEO, Motilal Oswal AMC and his team were present to facilitate the redemption process. Overwhelmed Mr. Dhamnaskar said, ?I was looking for the avenue to buy gold at a cheaper price yet with the best of quality for my son`s wedding. But I found it difficult to get both at the same time. I had to pay premium for pure gold or compromise on the gold quality for cheaper price. That`s when my broker invited me to a seminar organized by Motilal Oswal Mutual Fund, where I was introduced to MOSt Gold Shares, which offered quality gold at a better rate than Banks and Jewellers?. Talking about buying MOSt Gold Shares ETF`s units, Mr. Dhamnaskar said, ?It was as easy as buying gold from any other available avenue, as I used a smarter way to buy gold!"
Mr. Nitin Rakesh, while handing over the Gold bar, said, "Our primary objective for designing MOSt Gold Shares was to offer best of both worlds - investment and consumption; and with investors like Mr. Ashok Dhamnaskar, it`s been effectively achieved".
Motilal Oswal MOSt Shares Gold ETF (MOSt Gold Shares) is an open ended exchange traded fund that invests in gold bullion. MOSt Gold Shares is India`s 1st Gold ETF of its kind which seamlessly enables Investment as well as Consumption of Gold for Retail Investors.
With the auspicious occasion of Akshaya Tritiya just around the corner, MOSt Gold Shares offers an excellent opportunity to investors who are looking to buy gold both for investment & consumption. Investors can easily avoid waiting in the queue at banks or the maddening rush at the jewelers on this day. All they need to do is buy units of MOSt Shares Gold ETFs at prices lower than offered by Banks and jewelers and redeem them for pure imported physical gold whenever they want.
MOSt Shares Gold ETF
The NAV of the MOSt Gold Shares unit will track spot price of 1 gm of gold. Valued at spot gold bullion prices, investors can get pure imported Gold at a price lower than banks & jewelers by redeeming the ETF units for physical gold bars in as low as 10 grams across 22 cities in India. It will provide investors a means of participating in the gold bullion market and take physical delivery of gold when needed. MOSt Gold Shares is supported by RiddiSiddhi Bullions Limited (RSBL), as Primary Authorized Participants & Market Makers. RSBL is one of the largest bullion dealers in India.
MOSt Gold Shares is listed on the NSE and BSE. 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.
Source: http://hdfcsec.com/News/NewsDetails.aspx?NewsID=547794&NewsType=M
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