Sovereign Gold Bond

#22
Has anyone purchased Sovereign gold bonds in the Secondary Bond Market?

I tried to through ICICIDirect. It shows me the quote & allow me to place on order but then gives an error message "Buy in this scrip is currently not allowed".
 
#23
Has anyone purchased Sovereign gold bonds in the Secondary Bond Market?

I tried to through ICICIDirect. It shows me the quote & allow me to place on order but then gives an error message "Buy in this scrip is currently not allowed".
I bought it in Sharekhan and also traded in RKSV (intraday and selling, but never net buy quantity).

The problem with these bonds are they cannot be transferred from NSDL to CDSL or vice versa. This mean if you have NSDL account and the seller has CDSL account, the broker can not transfer the bonds in your NSDL account. In Sharekhan I have made an arrangement that if the delivery is received in CSDL account then I ask them to transfer it to my RKSV account (RKSV account is CDSL)
 
#24
The problem with these bonds are they cannot be transferred from NSDL to CDSL or vice versa. This mean if you have NSDL account and the seller has CDSL account, the broker can not transfer the bonds in your NSDL account. In Sharekhan I have made an arrangement that if the delivery is received in CSDL account then I ask them to transfer it to my RKSV account(RKSV account is CDSL)

I think ICICI doesn't allow you buy at all in the secondary market. That's what they told me when I called them. I was wondering if this ok as per the SEBI guidelines. I mean - if it's selling on NSE & BSE, how can ICICI decide that they are not going allow it to be bought.

That aside, when you are buying it on your Sharekhan account - how would you know whether the seller is on CDSL or NSDL? What happens if you have NSDL & the seller has CSDL. What happens to the bonds you purchased?
 
#25
I think ICICI doesn't allow you buy at all in the secondary market. That's what they told me when I called them. I was wondering if this ok as per the SEBI guidelines. I mean - if it's selling on NSE & BSE, how can ICICI decide that they are not going allow it to be bought.

That aside, when you are buying it on your Sharekhan account - how would you know whether the seller is on CDSL or NSDL? What happens if you have NSDL & the seller has CSDL. What happens to the bonds you purchased?
When I buy the bonds I do not know whether the seller has NSDL or CDSL account. It is on T+2 day when the broker receives the bonds either in NSDL account or CDSL account. If the bonds are received in CDSL account there is no way for broker to credit it in your NSDL account. That may be the reason ICICI direct is not allowing trading as they may not want that extra headache.

In case of Sharekhan, if the delivery is received in CDSL, they keep the bonds with themselves without any intimation to you. If you do not call Sharekhan probably you have donated the money to Sharekhan. If you call them then they allow you to transfer the bonds to another broker account or you can sell it by placing offline order.
 
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