On the launch of this, Shri Prithviraj Kothariji, Managing Director of RSBL said:
"In a country which is so obsessed with gold, there is not even a single regulated product which meets the needs of all Indians wanting to have gold in their portfolio as an investment with the ease of physical conversion at will. This is a single thought which has led us to conceive the idea of gold ETF for the masses. A gold ETF with deliveries as small as 10 gram bars.
It was imperative then that two giants - RiddiSiddhi Bullions Limited (RSBL) and Motilal Oswal AMC - which are also two highly trusted brands in their respective fields of gold and equity trading, develop this product.
Together we have tried to meet the needs of all Indians wanting to have gold in their portfolio - whether as an investment or as physical. This product has everything for a consumer - competitive pricing, assurance in purity and weight of London's LBMA listed refiner bars and tax efficiency. It also has the ease of investing in smaller quantities of 1 gram and availing physical deliveries of small 10 gram bars. This, ladies and gentlemen, is first of its kind in the world.
In 2008, when RiddiSiddhi Bullions Ltd. launched RSBL Spot, an OTC system for physical bullion deliveries of Gold/Silver for the jewellers, very few imagined that this would go on to become one of the most successful bullion trading systems in the world. Today, with more than 2000 active members and physical deliveries exceeding Rs 20,000 crores last year, RSBL Spot has become a benchmark for this industry.
I am sure, that MOSt Gold Shares ETF launched with the support of RiddiSiddhi Bullions Limited will achieve even greater success and I wish the very best to team RSBL and team Motilal Oswal."
MOSt Gold Shares will be listed on the NSE and BSE. The New Fund Offer (NFO) period for this fund is from 2nd March to 16th March 2012. The minimum investment amount during the NFO is INR 10,000 and in multiples of INR 1 each thereafter. The fund manager of the scheme is Mr. Abhiroop Mukherjee. The investment objective of the Scheme is to provide return by investing in Gold Bullion. The performance of the fund will be benchmarked to the Spot Gold Price. All gold bullion held in the scheme’s allocated account with the custodian shall be of finesse (or purity) of (99.5%) or higher.