Shah said there was a gold deposit scheme even now, but the way it has been designed is not very attractive to potential customers
Sanjiv Shah, co-chief executive officer, Goldman Sachs AMC says the Know Your Client (KYC) norms enforced by the Government are encouraging people to invest in gold ETFs.
Although, there has been some redemption of gold exchange-traded funds (ETF), Sanjiv Shah of Goldman Sachs AMC tells CNBC-TV18, the total amount that has gone out is about Rs 200 crore, whereas the ETF size is more than Rs 10,000 crore.
The gold rush is in full swing and with auspicious occasions like Akshaya Tritiya exports expect this rush to become a stampede especially in Gold ETFs where a short spike in retail participation has already taken the Mutual Fund industry by surprise, reports CNBC-TV18's Mitra Joshi.
The recent global turmoil has sent gold prices to all-time highs and gold exchange traded funds have been riding high. In the past six months alone, demand for gold exchange traded funds (ETFs) has doubled report CNBC-TV18’s Mitra Joshi and Avni Raja.
Sanjiv Shah, ED, Benchmark Asset Management, in an interview with CNBC-TV18’s Latha Venkatesh and Sonia Shenoy, spoke about whether one should participate at this juncture to keep gold as an asset and how one should go about it.
Exchange traded funds (ETFs) were the only asset group that saw growth in 2010. Sanjiv Shah of Benchmark Asset Management, in an exclusive interview with CNBC-TV18 says that he expects the ETF to continue to grow in 2011. “I expect to see 80% growth in ETFs in 2011,” he says.