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Investors responded positively to the special window in gold exchange traded funds, opened by the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on the occasion of Akshaya Tritiya.Total turnover at the NSE was Rs 172 crore, while the turnover at the BSE was approximately Rs 25 crore. Sanjiv Shah ED of Benchmark Mutual Fund says, "The response has been tremendous as we have collected over Rs 100 crore. I think the major reason why people came in was only due to the Akshaya Tritiya and looking at the numbers we assume that many people are now moving from holding physical gold to the exchange traded fund (ETF)."On Sunday, of the seven ETF traded at NSE, three ended on positive note while remaining four ETFs ended with marginal losses. The price of Gold Benchmark Exchange Traded Scheme closed the day at 1,801.76, gaining 0.31% at BSE on Sunday.The turnover of Gold Benchmark Exchange Traded Scheme at NSE stood at over 87 crore while the turnover of Rs 25 crore was seen in Reliance Gold ETF. Religare ETF, Kotak ETF and Quantum Gold ETF received a weak response.With the condition of equity markets looking volatile and the day being that of akshaya triteya, more investors have flocked to investing in gold and gold ETF. According to the latest data from the Association of Mutual Funds in India (Amfi) total asset under management of Gold ETF is over Rs 1,700 crore in April compared to Rs 700 crore in April, 2009. In April, Gold ETF saw flows of approximately Rs 50 crore.A market participant said, "The ETF market in India is poised for strong growth driven by two critical growth drivers - new products and new investors. Given the economic and cultural importance of gold to the average Indian family, gold ETFs will continue to serve as the catalyst to attract more retail investors to the ETF segment."
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