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KOCHI: National Multi-Commodity Exchange (NMCE) of India Ltd., a commodity exchange, has introduced an innovative futures contract in gold, called the Gold Guinea Contract. The exchange has tied up with the Muthoot Group to set up multiple delivery centres to reach out to consumers. The retail investor can take part in the futures trade or take delivery of gold coins weighing 8 g or more under the contract. Inaugurating the trade here on Saturday, Rajiv Agarwal, Secretary, Department of Consumer Affairs, said the contract would enable retail investors to buy the contract by paying a margin money of 4 per cent and take delivery later by paying the balance. It would help the retail investors invest in gold with their small savings. He said there was a misconception that the futures trade was contributing to the rise in prices. The prices of even those commodities which were prohibited for futures trade had also gone up. Rajeev Kumar Agarwal, member, Forward Markets Commission, said the retail investors would have assured purity of the metal and delivery at close proximity as the NMCE would add more delivery centres. George M. George, director of Muthoot Group, said people would get an opportunity to invest in gold as part of their investment portfolio. Anil Mishra, Chief Executive Officer of the exchange, said the exchange might incorporate more improvisations after the successful execution of the contract. The specified quality of the gold guinea is .999 purity (basis), acceptable up to .995 purity. The guinea would be either from approved refineries or the Muthoot-branded coins, certified by the Bureau of Indian Standards, available in a tamper-proof packing. The purchase or delivery of the gold guinea can be done through Muthoot Finance’s 22 centres across the country. The centres in Kerala are Thiruvananthapuram, Kochi, Kollam, Kottayam, Thrissur and Kozhikode. The buyer or seller can take or deliver the guinea at any of the 22 centres irrespective of the availability of the counterparty at that particular centre.
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