Shree Ganesh to provide electronic trading of gold bars and coins

National Spot Exchange Limited (NSEL) and Shree Ganesh Jewellery House Limited (SGJHL) are entering into electronic trading of gold bars and coins from August 2, 2010, news reports say.

Shree Ganesh would initiate its new venture with imported London good delivery bar, described as either a silver or gold bar that conforms to the good delivery rules for gold or silver bars published by the London Bullion Market Association. The company has decided a minimum booking volume of 1 kilogram and 0.995 percent purity, and plans to further include 0.999 percent pure gold and also expand its geographic base in association with NSEL. The company has planned maintaining minimum corpus of 150 kg of gold, at all times for trade.

It has been formally designated as the canalizing agency for the Indian government and is authorised to import gold.