The National Stock Exchange of India may be able to cut down India's gold imports by half, Chairman Injeti Srinivas told NDTV Profit in an interview on Thursday.
Touching upon NSE's untapped potential, the Chairman cited a study by the World Gold Council that talks about India's 35,000-tonne gold stockpile.
Injeti explained how NSE could introduce Electronic Gold Receipts (EGRs) to monetise this gold, the resulting value of which would exceed the country's total GDP. EGR gold refers to a digital security that represents physical gold stored in an accredited, regulated vault.
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"We have 35,000 tons of gold. You know, if you monetise it, it's more than the GDP of the country," Injeti said, adding that otherwise the gold would lie unproductive.
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He highlighted how the commodity itself is fragmented due to the regulatory architecture, and therefore difficult to monetise, but gold EGR is something that the bourse has been eyeing "very intently."
"EGR is something, you know, we are looking at. NSE is looking at it very intently. That is something which can monetize gold and make gold productive," Injeti outlined, while adding that it could bring down the imports of gold by half.
India imported $2.30 billion worth of gold in August, down sharply from a year-ago period but matching of up to the value of gross gems and jewellery imports. Market expert Uday Kotak has earlier warned that the Gold import bill could touch up to $90 billion in fiscal 2027.
NSE Listing Details
NSE share price rallied over 5% after making a muted Dalal Street debut on Thursday, led by strong buying interest. NSE IPO listing date was today, September 24, and the shares have been listed on BSE.
NSE shares were listed with a 0.84% premium at Rs 1,800 apiece on the BSE. The stock rose to a high of Rs 1,878.00 apiece, rising as much as 5.21% from its issue price.
The initial public offering (IPO) of the country's largest bourse – the National Stock Exchange of India (NSE) – was open from September 17 to September 21 and had received strong demand from investors across categories. NSE IPO was subscribed 5.71 times, generating bids amounting to Rs 90,287.33 crore as against the issue size of Rs 22,568.94 crore.
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