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November 27, 2007 16:00 IST
Gold is hotting up again. With this trend continuing, new players are entering the gold arena also. On Monday, Reliance [Get Quote] Gold Exchange Traded Fund, an open ended fund, made its debut on the NSE and it opened at a premium of 5.03 per cent.
It began at Rs 1,069 (highest) while it touched a low of Rs 1,025 and closed at Rs 1,055.7.
The NFO for the fund was between October 15, 2007 and November 1, 2007 and during this period the fund raked up Rs 3 billion.
This makes it the fourth largest gold exchange traded fund. The others include Gold Benchmark Exchange Traded Fund, UTI Gold Exchange Traded Fund and Kotak Gold Exchange Traded Fund.
The fund is planning to invest 90 per cent of the corpus in physical gold and gold related securities and the remaining ten per cent will be invested in debt and money market securities.
The fund is benchmarked against the price of gold.
The face value is Rs 100 and the dividends options are available. The minimum application amount is Rs 5,000. The entry load during the NFO period was 1.50% for investment less than Rs 1 lakh, 0.75% for investment equal to or greater than Rs1 lakh but less than Rs 25 lakhs, 0.50% for investment equal to or greater than Rs25 lakhs but less than Rs. 50 lakhs and 0.25% for investment equal to or greater than Rs.50 lakh but less than Rs 1 crore.
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