CS Professional · IFSCA - Regulations, Listing and Compliances · India International Bullion Exchange (IIBX)
Vikram wants to know what a BDR on IIBX represents when he sees it listed on his account statement. Which description is correct?
A BDR is a receipt evidencing ownership of a defined quantity of standardised bullion held in a vault. It gives the holder rights over the metal itself, so it is not an equity share, a bank loan note or a claim on exchange profits.
- AA claim on the exchange's profits
- BA receipt evidencing ownership of a specified quantity of standardised bullion held in a vaultCorrect
- CA loan note issued by a bank on gold jewellery
- DA share in the vault manager's company
Explanation
A BDR evidences ownership of a specified quantity of standardised bullion held in a vault. It is not a profit claim, a loan instrument or an equity share in the vault operator.
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