Leading bourse NSE has decide to extend the trading session for Gold Exchange Traded Funds (ETFs) on November 9 till 1900 hours on Dhanteras, a festival celebrated two days before Diwali.
"The Exchange is conducting an extended live trading session on Monday, November 9, 2015 on the auspicious occasion of Dhanteras for trading in Gold Exchange Traded Fund (Gold ETF) securities only," NSE said in a notice.
After the regular market hours from 0915 hours to 1530 hours, trading in gold ETFs will resume at 1630 hours on November 9 and continue till 1900 hours, the exchange said.
Another bourse, BSE has issued a similar notice yesterday saying "the exchange will extend the trading session for Gold Exchange Traded Funds on November 9 till 1900 hours on account of Dhanteras, a day considered auspicious for buying gold."
Gold ETFs track the metal's prices and each unit of these securities is generally equivalent to one gram of gold.
It is considered auspicious to buy valuables like gold on occasions like Dhanteras, Diwali and Akshay Tritiya in India.
Returns from Gold ETFs are linked to the domestic price of physical gold but spare the investors from the trouble of buying and keeping the yellow metal in physical form.
Gold ETF of Axis mutual fund, Birla Sunlife mutual fund, Uti mutual fund, HDFC mutual fund, ICICI prudential and Goldman Sachs are some of the securities that would be available for trading.
The exchange has informed their members that outstanding orders i.E. Unmatched orders at 1530 hours of Gold ETF securities will be carried forward to extended trading session. However, members can cancel these orders during the pre-open period viz. 1625 hours to 1630 hours.
"Members would remain logged in to the trading system after the end of post closing session at 1600 hours and would not need to log in again for the extended trading session at 1630 hours," NSE said in its notice.
"All trades done on Monday, November 9, 2015 during the normal as well as extended trading sessions shall be merged and settled on Friday, November 13, 2015 as per existing settlement schedule," it added.
