{"id":222876,"date":"2019-12-05T16:30:04","date_gmt":"2019-12-05T11:00:04","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=222876"},"modified":"2019-12-05T14:34:24","modified_gmt":"2019-12-05T09:04:24","slug":"cabinet-approves-launch-of-bharat-bond-exchange-traded-fund","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/12\/05\/cabinet-approves-launch-of-bharat-bond-exchange-traded-fund\/","title":{"rendered":"Cabinet approves launch of Bharat Bond Exchange Traded Fund"},"content":{"rendered":"

Fund to provide additional money for CPSUs, CPSEs & other Government organizations<\/span><\/h4>\n

Cabinet Committee on Economic Affairs has given its approval for creation and launch of Bharat Bond Exchange Traded Fund (ETF) to create an additional source of funding for Central Public Sector Undertakings (CPSUs) Central Public Sector Enterprises (CPSEs), Central Public Financial Institutions (CPFIs) and other Government organizations<\/strong><\/span>.<\/p>\n

Bharat Bond ETF would be the first corporate Bond ETF in the country.<\/p>\n

Features of Bharat Bond ETF:<\/strong><\/p>\n

ETF will be a basket of bonds issued by CPSE\/CPSU\/CPFI\/any other Government organization Bonds (Initially, all AAA-rated bonds)<\/p>\n

\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Tradable on exchange<\/p>\n

\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Small unit size Rs 1,000<\/p>\n

\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Transparent NAV (Periodic live NAV during the day)<\/p>\n

\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Transparent Portfolio (Daily disclosure on website)<\/p>\n

\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Low cost (0.0005%)<\/p>\n

Bharat Bond ETF Structure:<\/strong><\/p>\n

\u2022\u00a0\u00a0 \u00a0 Each ETF will have a fixed maturity date<\/p>\n

\u2022\u00a0\u00a0 \u00a0 The ETF will track the underlying Index on risk replication basis, i.e. matching Credit Quality and Average Maturity of the Index<\/p>\n

\u2022\u00a0\u00a0 \u00a0 Will invest in a portfolio of bonds of CPSE, CPSU, CPFI or any other Government organizations that matures on or before the maturity date of the ETF<\/p>\n

\u2022\u00a0\u00a0\u00a0 As of now, it will have 2 maturity series – 3 and 10 years. Each series will have a separate index of the same maturity series.<\/p>\n

Index Methodology:<\/strong><\/p>\n

\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Index will be constructed by an independent index provider \u2013 National Sock Exchange<\/p>\n

\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Different indices tracking specific maturity years – 3 and 10 years<\/p>\n

\u00a0<\/strong>Benefits of Bharat Bond ETF to investors:<\/strong><\/p>\n

\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Bond ETF will provide safety (underlying bonds are issued by CPSEs and other Government-owned entities), liquidity (tradability on exchange) and predictable tax-efficient returns (target maturity structure).<\/p>\n

\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0It will also provide access to retail investors to invest in bonds with smaller amount (as low as Rs. 1,000) thereby providing easy and low-cost access to bond markets.<\/p>\n

\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0This will increase participation of retail investors who are currently not participating in bond markets due to liquidity and accessibility constraints.<\/p>\n

\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Tax efficiency compared to Bonds as coupons from the Bonds are taxed at marginal rates. Bond ETFs are taxed with the benefit of indexation which significantly reduces the tax on capital\u00a0gains for investor.<\/p>\n

Bharat Bond ETF Benefits for CPSEs:<\/strong><\/p>\n

\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Bond ETF would offer CPSEs, CPSUs, CPFIs and other Government organizations an additional source of meeting their borrowing requirements apart from bank financing.<\/p>\n

\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0It will expand their investor base through retail and HNI participation which can increase demand for their bonds. With increase in demand for their bonds, these issuers may be able to borrow at reduced cost thereby reducing their cost of borrowing over a period of time.<\/p>\n

\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Further, Bond ETF trading on the exchange will help in better price discovery of the underlying bonds.<\/p>\n

\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Since a broad debt calendar to assess the borrowing needs of the CPSEs would be prepared and approved each year, it would inculcate borrowing discipline in the CPSEs at least\u00a0to the extent of this investment.<\/p>\n

Developmental impact on Bond Markets:<\/strong><\/p>\n

\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Target Maturity Bond ETF is expected to create a yield curve and a ladder of Bond ETFs with different maturities across calendar years.<\/p>\n

\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0ETF is expected to create new eco-system – Market Makers, index providers and awareness amongst investors – for launching new Bond ETFs in India.<\/p>\n

\u2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0This is expected to eventually increase the size of bond ETFs in India leading to achieving key objectives at a larger scale – deepening bond markets, enhancing retail participation\u00a0and reducing borrowing costs.<\/p>\n

\n

Cabinet Committee on Economic Affairs<\/strong><\/p>\n

Cbinet<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

Fund to provide additional money for CPSUs, CPSEs & other Government organizations Cabinet Committee on Economic Affairs has given its approval for <\/p>\n","protected":false},"author":8808,"featured_media":218749,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[29535,4],"tags":[38692,30554],"class_list":["post-222876","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cabinet_decisions","category-legislationupdates","tag-bharat-bond-exchange-traded-fund","tag-cabinet"],"yoast_head":"\nCabinet approves launch of Bharat Bond Exchange Traded Fund | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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To take decision for divestment through Exchange Traded Fund (ETF) out of all the listed CPSEs including CPSEs listed subsequently subject to GoI retaining 51% in these CPSEs; ii. 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The decision will put in\u2026","rel":"","context":"In "Hot Off The Press"","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":224059,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/01\/09\/cabinet-approves-strategic-disinvestment-of-equity-shareholding-of-mmtc-ltd-nmdc-ltd-mecon-bhel-in-neelachal-ispat-nigam-ltd-a-jv-company-with-two-govt-of-odisha-state-psus\/","url_meta":{"origin":222876,"position":2},"title":"Cabinet approves strategic disinvestment of equity shareholding of MMTC Ltd., NMDC Ltd., MECON & BHEL in Neelachal Ispat Nigam Ltd. a JV Company with two Govt. of Odisha State PSUs","author":"Bhumika Indulia","date":"January 9, 2020","format":false,"excerpt":"The Cabinet Committee on Economic Affairs has given 'in principle' approval for strategic disinvestment of equity shareholding of Minerals & Metals Trading Corporation Limited (MMTC) (49.78%), National Mineral Development Corporation (NMDC) (10.10%), MECON (0.68%) and Bharat Heavy Electricals Ltd. (BHEL) (0.68%) and two Odisha State Government PSUs namely; Industrial Promotion\u2026","rel":"","context":"In "Cabinet Decisions"","block_context":{"text":"Cabinet Decisions","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/cabinet_decisions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":229888,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/05\/20\/union-cabinet-approves-atmanirbhar-bharat-package-for-allocation-of-food-grains-to-the-migrants-stranded-migrants\/","url_meta":{"origin":222876,"position":3},"title":"Union Cabinet approves — AtmaNirbhar Bharat Package for allocation of food grains to the migrants\/stranded migrants","author":"Bhumika Indulia","date":"May 20, 2020","format":false,"excerpt":"Union Cabinet has given its ex-post facto approval for allocation of food grains from Central Pool to approximately 8 crore migrants \/ stranded migrants @ 5 kg per person per month (May and June, 2020) for two months free of cost.\u00a0 It would entail an estimated food subsidy of about\u2026","rel":"","context":"In "Cabinet Decisions"","block_context":{"text":"Cabinet Decisions","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/cabinet_decisions\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/05\/Migrants_Road.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/05\/Migrants_Road.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/05\/Migrants_Road.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/05\/Migrants_Road.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/05\/Migrants_Road.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":196746,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/06\/07\/revised-guidelines-on-time-bound-closure-of-sick-loss-making-central-public-sector-enterprises-and-disposal-of-movable-and-immovable-assets-approved\/","url_meta":{"origin":222876,"position":4},"title":"Revised guidelines on time bound closure of sick\/loss making Central Public Sector Enterprises and disposal of movable and immovable assets approved","author":"Saba","date":"June 7, 2018","format":false,"excerpt":"The Union Cabinet has approved the revised guidelines of the Department of Public Enterprises (DPE) on time bound closure of sick\/loss making Central Public Sector Enterprises (CPSEs) and disposal of movable and immovable assets. The revised guidelines would reduce delays in implementation of closure plans of sick\/loss making CPSEs. \u00a0These\u2026","rel":"","context":"In "Cabinet Decisions"","block_context":{"text":"Cabinet Decisions","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/cabinet_decisions\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":253394,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/30\/government-introduces-a-new-registration-mark-for-new-vehicles-bharat-series-bh-series-to-facilitate-seamless-transfer-of-vehicles\/","url_meta":{"origin":222876,"position":5},"title":"Government introduces a new registration mark for new vehicles \u201cBharat series (BH-series)\u201d to facilitate seamless transfer of vehicles","author":"Bhumika Indulia","date":"August 30, 2021","format":false,"excerpt":"On August 26, 2021, the Ministry of Road Transport and Highways in order to facilitate seamless transfer of vehicles, has introduced a new registration mark for new vehicles\u00a0 i.e. \u201cBharat series (BH-series)\u201d.Avehicle bearing this registration mark shall not require assignment of a new registration mark when the owner of the\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-177.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-177.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-177.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-177.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-177.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/222876","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=222876"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/222876\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/218749"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=222876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=222876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=222876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}