State -owned MMTCs proposal to sell gold to
retail customers through a joint venture does not fall
under
the collective investment scheme category as the JV is neither offering any
kind of returns nor is there any pooling of funds, The Securities and Exchange
Board of India (SEBI) has said.
MMTC,
along with Swiss firm PAMP, plans to sell gold to retail customers through the
JV- MMTC- PAMP India.
SEBI's
view on the proposal has come in response to a clarification sought by MMTC.
SEBI has said that the proposed business
activity primarily involves purchase or /
accumulation of gold by customers who aspire to buy the metal but have
limited financial resources for an outright purchase.
No comments:
Post a Comment