India's first gold savings fund, Reliance Gold fund opened for subscription on 14 February and closed on 28 February. In the process it generated a record of Rs4000 crore for a new fund offer (NFO). Reliance received applications in excess of 2 lakhs.

Meanwhile, Kotak Mahindra Asset Management Company, also recently launched its 'Kotak Gold Fund'. The unique open ended fund allows investors to take exposure to gold without holding demat account.

India has 10 funds selling gold-backed securities, with combined assets of Rs44 billion, as on 31 March, according to data from the Association of Mutual Funds in India.