all stock exchanges to be corporatised; steps to make mumbai a regional hub for finance; gold exchange traded funds to be introduced

Monday, February 28, 2005

To facilitate corporatisation of the remaining stock exchanges, the Budget provides a one-time exemption from stamp duty on the notional transfer of assets, to be granted to the three stock exchanges that are not yet corporatized.

A high-powered Expert Committee will be appointed in consultation with RBI to advise on making Mumbai a regional financial centre.

SEBI will be asked to permit, in consultation with RBI, mutual funds to introduce Gold Exchange Traded Funds (GETFs) with gold as the underlying asset, in order to enable household to buy and sell gold in units for as little as Rs. 100.

SB/MVVS/RS/AS