IDBI MF Gold ETF
IDBIGOLD.NS
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- IDBI MF Gold ETF (Ticker: IDBIGOLD.NS) is an open-ended exchange traded fund that replicates and tracks the domestic price of physical gold by investing predominantly in gold bullion and gold-related instruments of 99.5% purity or higher. Launched on November 9, 2011, by IDBI Mutual Fund, a wholly-owned subsidiary of IDBI Bank Limited and managed by IDBI Asset Management Limited, the ETF is listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), enabling investors to buy and sell units at market prices throughout the trading day; creation and redemption of units occur in creation units of 1,000 units or multiples thereof, primarily through authorized participants. The fund targets retail and institutional investors seeking exposure to gold as an asset class without physical holding, with liquidity supported by market makers and direct redemption options for large investors. In a significant strategic development, IDBI Gold Exchange Traded Fund was transferred to LIC Mutual Fund as part of the merger of IDBI Mutual Fund's 20 schemes into LIC MF, effective July 29, 2023, following regulatory approvals from SEBI and the Competition Commission of India; the scheme was retained as a standalone product and rebranded as LIC MF Gold Exchange Traded Fund, broadening LIC MF's passive and gold ETF offerings while retiring the IDBI MF brand. This merger integrated the ETF's assets under LIC Mutual Fund Asset Management Private Limited, headquartered in Mumbai, India, enhancing distribution through LIC's extensive agent network of over 50,000 and IDBI Bank's branches, without any exit loads or capital gains tax implications for unitholders during the transition. Post-merger, the ETF continues to operate domiciled in India, with ongoing portfolio allocation of at least 95% in physical gold held by custodians such as Bank of Nova Scotia for bullion.