SEBI's recognition of silver inclusion standards in mutual fund schemes
(Commercial Representative) MUMBAI: The Securities and Exchange Board of India (SEBI), the regulator of the capital market, has approved the norms paving the way for the inclusion of silver or silver-silver related instruments in investment schemes of asset management companies (AMCs). Recognizing the notification dated November 8, SEBI said that Silver ETF Schemo means that the mutual fund Schemo will be investing in Silver or Silver related instruments on a primary basis. SEBI added that Skimo's assets must be kept with a registered custodian. Regarding how these instruments will work in India, SEBI has said that the asset value of Silver containing ETF scheme will have to be determined by the London Bullion Market Association (LBMA) according to the purity quality of 2.0 per ounce per troy ounce. Gold prices are set at LBMA on a daily basis (business day) at 10:30 am and 9:00 am GMT. In addition, the value of this type of ETF should reflect the charges for transportation and...