The National Stock Exchange of India (NSE) has entered into a strategic partnership with Augmont Enterprises Limited to strengthen India’s Electronic Gold Receipt (EGR) ecosystem.

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According to an NSE statement, the collaboration aims to reinforce the exchange-regulated spot gold market by improving Electronic Gold Receipt creation, redemption, liquidity, delivery and price discovery.

The partnership will also focus on increasing market participation, enhancing liquidity and encouraging the adoption of EGRs among investors, jewellers and other participants in the gold market.

NSE Highlights SEBI-Regulated EGR Platform

Speaking during the bell-ringing ceremony, NSE Managing Director and Chief Executive Officer Ashish Kumar Chauhan said the exchange’s Electronic Gold Receipt platform provides a SEBI-regulated marketplace where physical gold can be converted into a dematerialised security and held in the same demat account.

He added that the framework is open to all eligible participants and welcomed refiners, vault managers, jewellers and intermediaries who meet the required standards to participate in the ecosystem.

IBJA Says Idle Gold Holds Significant Economic Potential

India Bullion and Jewellers Association (IBJA) National President Prithviraj Kothari said India possesses an estimated 30,000 to 35,000 tonnes of gold, making it one of the world’s largest private holders of the precious metal, although a substantial portion of this wealth remains economically inactive.

He noted that India is establishing the India International Bullion Exchange (IIBX) for the offshore market, while SEBI has already notified the regulatory framework for Electronic Gold Receipts in the domestic market.

According to Kothari, EGRs have the potential to unlock significant value by bringing even a small portion of idle household gold into a transparent and regulated ecosystem. He said this could improve market liquidity, strengthen formalisation, support financing and reduce dependence on fresh gold imports.

Augmont Sees Major Growth Potential for EGRs

Ketan Kothari, Director and Founder of Augmont Goldtech Private Limited, said Electronic Gold Receipts have the potential to transform India’s gold financing ecosystem.

He explained that consumers can convert idle gold, gold bars and coins into EGRs and lend them to manufacturers through the Securities Lending and Borrowing (SLB) platform. Under this arrangement, customers would earn interest while manufacturers would pay interest.

Kothari also noted that while the largest tokenised gold platform currently has assets under management (AUM) of 3 billion US dollars, he expects Electronic Gold Receipts to achieve 100 times that level of AUM in the coming years.

FAQ’s

1. Why has NSE partnered with Augmont Enterprises?

NSE has partnered with Augmont Enterprises to strengthen India’s Electronic Gold Receipt ecosystem by improving EGR creation, redemption, liquidity, delivery, price discovery and increasing market participation.

2. What is an Electronic Gold Receipt (EGR)?

An Electronic Gold Receipt is a SEBI-regulated dematerialised security that allows physical gold to be converted into digital form and held in a demat account.

3. How can EGRs benefit India’s gold market?

According to IBJA, EGRs can bring idle household gold into a transparent and regulated ecosystem, improve liquidity, support financing, strengthen market formalisation and reduce reliance on fresh gold imports.

4. Who can participate in the EGR ecosystem?

The NSE stated that eligible refiners, vault managers, jewellers, intermediaries, investors and other qualified market participants can participate under the SEBI-regulated framework.

5. What growth potential does Augmont see for Electronic Gold Receipts?

Augmont believes Electronic Gold Receipts could significantly expand India’s gold financing ecosystem and estimates that EGR assets under management could grow to 100 times the size of the current largest tokenised gold platform.

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