Birla Sun Life AMC launches gold ETF

Mumbai: Birla Sun Life Asset Management Company (BSLAMC) announced launch of Gold ETF, an open-ended gold exchange traded fund that closes on May 9.

"This new product offers multiple benefits to the investors seeking to diversify their portfolio through investment in gold.

In the last few years, there has been increased trend of investing in gold ETF as a part of broader asset allocation to various asset classes," said BSLAMC's CEO A Balasubramanian in a release.

The Gold ETF has window of 15 days, it said. "The scheme will add stability to investor's portfolio as gold has historically been a hedge against inflation through appreciation in value," he added.

The minimum application amount is Rs 6,000 and in multiples of Rs 2,000 thereafter.

The units of the scheme will be listed on the National Stock Exchange of India Limited (NSE) and Bombay Stock Exchange Limited (BSE).

Investors will also have the option to convert to physical gold provided by certain vendors.

BSLAMC is a joint venture between Aditya Birla Group and Sun Life Financial Inc, a financial services organisation from Canada.

Source: Financial Express