{"id":9758,"date":"2025-07-29T11:10:19","date_gmt":"2025-07-29T11:10:19","guid":{"rendered":"https:\/\/www.biddeasy.com\/blog\/?p=9758"},"modified":"2025-07-29T11:16:47","modified_gmt":"2025-07-29T11:16:47","slug":"an-introduction-to-gold-market-linked-debentures","status":"publish","type":"post","link":"https:\/\/www.biddeasy.com\/blog\/an-introduction-to-gold-market-linked-debentures\/","title":{"rendered":"An Introduction to Gold Market-Linked Debentures"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Debt investments are known for protecting capital, while equity investments aim to grow it. However, what if there were an investment option that could offer both capital protection and potential growth? Enter <\/span><b>Market-Linked Debentures (MLD)<\/b><span style=\"font-weight: 400;\">, also known as <\/span><b>Structured Bonds<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Market-Linked Debentures (MLDs) are a hybrid investment option issued in the form of a bond, where the <\/span><span style=\"font-weight: 400;\">returns received<\/span><span style=\"font-weight: 400;\"> are dependent on the performance of the Market. A simple example is \u2014 if the Market (Gold in this case) goes up, the returns increase; <\/span><span style=\"font-weight: 400;\">and if the Market goes down, your principal is still protected. No downside risk.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Though MLDs may appear a bit complex at first glance, when broken down, they are quite easy to understand.<\/span><\/p>\n<h2><b>Why have I never heard of MLDs, and why should I consider them for my portfolio?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">MLDs are very popular globally, having gained prominence in the last couple of decades. These products have over <\/span><b>USD 2 trillion<\/b><span style=\"font-weight: 400;\"> worth of Assets Under Management (AuM) as of 2019. <\/span><span style=\"font-weight: 400;\">Global Mutual Fund AUM: <\/span><b>USD 45 Trillion<\/b><b><\/b><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Indian Mutual Fund AUM: <\/span><b>USD 896.52 billion (Jun\u201925)<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Indian investment in Fixed Deposits: <\/span><b>USD 1256 Bn<\/b><strong> (as of Mar\u201923)<\/strong><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"> (Source: Structured Retail Products, Investment Company Institute, AMFI, RBI)<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Traditionally, only institutions and ultra-high-net-worth individuals (UHNWIs) have invested in MLDs due to their complexity, limited access, and higher ticket sizes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But the rise of technology has now made these instruments accessible to all investors due to smaller ticket sizes and more consumer-friendly offerings. MLDs have the potential to significantly improve your portfolio&#8217;s <\/span><b>risk-adjusted returns<\/b><span style=\"font-weight: 400;\">, making them a smart fit for many portfolios.<\/span><\/p>\n<h2><b>Types of MLDs<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">There are two main types of MLDs:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Principal Protected<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Non-Principal Protected<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">As the name suggests, <\/span><b>Principal Protected MLDs<\/b><span style=\"font-weight: 400;\"> are products where the invested principal is 100% protected. i.e., there is <\/span><b>no downside risk<\/b><span style=\"font-weight: 400;\">. This means, however negative the Market (Gold) goes, at the end of the maturity period, you will always receive back your entire Principal.<\/span><\/p>\n<p><b>Non-principal protected MLDs<\/b><span style=\"font-weight: 400;\"> do not offer this protection and are therefore riskier.<\/span><\/p>\n<h2><b>MLD Terminology<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Some terms that you must know when investing in MLDs:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Maturity<\/b><span style=\"font-weight: 400;\"> \u2013 The tenure of the investment (typically 1 to 5 years).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Underlying Asset<\/b><span style=\"font-weight: 400;\"> \u2013 The market benchmark that determines returns. In this case, it is <\/span><b>Gold Prices<\/b><span style=\"font-weight: 400;\"> (usually MCX Gold Futures).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Principal Protection<\/b><span style=\"font-weight: 400;\"> \u2013 The guarantee that your initial invested amount is safe.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Payoff<\/b><span style=\"font-weight: 400;\"> \u2013 The return on the MLD based on the performance of Gold. This can include a <\/span><b>floor<\/b><span style=\"font-weight: 400;\"> (minimum return) and a <\/span><b>cap<\/b><span style=\"font-weight: 400;\"> (maximum return).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Liquidity<\/b><span style=\"font-weight: 400;\"> \u2013 The ability to exit the MLD and convert it into cash before maturity.<\/span><\/li>\n<\/ul>\n<h2><b>MLD Returns<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Let us now take the example of a simple MLD and explain how returns are generated in different scenarios:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Maturity<\/b><span style=\"font-weight: 400;\"> \u2013 3.5 Years<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Underlying Asset<\/b><span style=\"font-weight: 400;\"> \u2013 <\/span><b>Gold Prices (MCX Futures)<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Principal Protection<\/b><span style=\"font-weight: 400;\"> \u2013 100% Principal Protected<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Payoff<\/b><span style=\"font-weight: 400;\"> \u2013 <\/span><b>130% participation<\/b><span style=\"font-weight: 400;\"> in Gold\u2019s upside, capped at <\/span><b>78% total return<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Liquidity<\/b><span style=\"font-weight: 400;\"> \u2013 Anytime<\/span><\/li>\n<\/ul>\n<h2><b>How MLDs Work<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">At first glance, MLDs might sound technical \u2014 but they\u2019re actually built on a simple idea:<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span> <b>You get rewarded when the market performs well, and your money stays safe when it doesn\u2019t.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Let\u2019s take an example to see how this works in practice, using a real product that links returns to <\/span><b>Gold prices<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h3><b>Example: Gold Magnifier MLD<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Let\u2019s say you invest <\/span><b>\u20b91,00,000<\/b><span style=\"font-weight: 400;\"> in a <\/span><a href=\"https:\/\/bonds.biddeasy.com\/platform\/#\/biddeasy-asset\/mld\/gmldm0\"><b>Gold Magnifier MLD<\/b><\/a><span style=\"font-weight: 400;\"> with the following features:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">130% participation in gold\u2019s positive returns<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Maximum return capped at 78%<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">100% principal protection at maturity<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Maturity: 3.5 years<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Here\u2019s how your return will vary based on how Gold performs:<br \/>\n<\/span><\/p>\n<table dir=\"ltr\" style=\"height: 182px;\" border=\"1\" width=\"576\" cellspacing=\"0\" cellpadding=\"0\" data-sheets-root=\"1\" data-sheets-baot=\"1\">\n<colgroup>\n<col width=\"134\" \/>\n<col width=\"183\" \/>\n<col width=\"155\" \/><\/colgroup>\n<tbody>\n<tr>\n<td><strong>Gold Performance<\/strong><\/td>\n<td><strong>Your Return<\/strong><\/td>\n<td><strong>What You Get Back<\/strong><\/td>\n<\/tr>\n<tr>\n<td>60% or more<\/td>\n<td>Capped at 78%<\/td>\n<td>\u20b91,78,000<\/td>\n<\/tr>\n<tr>\n<td>+35%<\/td>\n<td>130% of 35% = 45.5%<\/td>\n<td>\u20b91,45,500<\/td>\n<\/tr>\n<tr>\n<td>+10%<\/td>\n<td>130% of 10% = 13%<\/td>\n<td>\u20b91,13,000<\/td>\n<\/tr>\n<tr>\n<td>0% or Negative<\/td>\n<td>No upside, but principal protected<\/td>\n<td>\u20b91,00,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3>Scenario Analysis<\/h3>\n<figure id=\"attachment_9759\" aria-describedby=\"caption-attachment-9759\" style=\"width: 663px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-9759\" src=\"https:\/\/s3.ap-south-1.amazonaws.com\/devblogs.incredmoney.com\/blog\/wp-content\/uploads\/2025\/07\/29104923\/Screenshot-2025-07-29-131636-300x164.png\" alt=\"\" width=\"663\" height=\"362\" srcset=\"https:\/\/s3.ap-south-1.amazonaws.com\/devblogs.incredmoney.com\/blog\/wp-content\/uploads\/2025\/07\/29104923\/Screenshot-2025-07-29-131636-300x164.png 300w, https:\/\/s3.ap-south-1.amazonaws.com\/devblogs.incredmoney.com\/blog\/wp-content\/uploads\/2025\/07\/29104923\/Screenshot-2025-07-29-131636-768x420.png 768w, https:\/\/s3.ap-south-1.amazonaws.com\/devblogs.incredmoney.com\/blog\/wp-content\/uploads\/2025\/07\/29104923\/Screenshot-2025-07-29-131636.png 811w\" sizes=\"(max-width: 663px) 100vw, 663px\" \/><figcaption id=\"caption-attachment-9759\" class=\"wp-caption-text\">*For Illustration purposes only<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">This structure lets you <\/span><b>participate in Gold\u2019s upside<\/b><span style=\"font-weight: 400;\">, with <\/span><b>zero downside risk<\/b><span style=\"font-weight: 400;\">.<br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><br \/>\n<b><\/b><\/p>\n<h2><b>How Is Principal Protected in Gold MLDs?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">In a Gold MLD, your money is split smartly to balance safety and growth. A large part is invested in safe fixed-income instruments, which grow back to your full investment amount by maturity \u2014 this ensures your \u20b91,00,000 stays protected, no matter how gold performs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The remaining portion is linked to gold prices, allowing you to earn market-linked returns if gold moves up. So while your capital stays safe, you still get to participate in the upside of gold \u2014 making it a great way to invest in gold without worrying about downside risk.<br \/>\n<\/span><\/p>\n<figure id=\"attachment_9760\" aria-describedby=\"caption-attachment-9760\" style=\"width: 838px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-9760\" src=\"https:\/\/s3.ap-south-1.amazonaws.com\/devblogs.incredmoney.com\/blog\/wp-content\/uploads\/2025\/07\/29105139\/image-65-300x170.png\" alt=\"\" width=\"838\" height=\"475\" srcset=\"https:\/\/s3.ap-south-1.amazonaws.com\/devblogs.incredmoney.com\/blog\/wp-content\/uploads\/2025\/07\/29105139\/image-65-300x170.png 300w, https:\/\/s3.ap-south-1.amazonaws.com\/devblogs.incredmoney.com\/blog\/wp-content\/uploads\/2025\/07\/29105139\/image-65-1024x580.png 1024w, https:\/\/s3.ap-south-1.amazonaws.com\/devblogs.incredmoney.com\/blog\/wp-content\/uploads\/2025\/07\/29105139\/image-65-768x435.png 768w, https:\/\/s3.ap-south-1.amazonaws.com\/devblogs.incredmoney.com\/blog\/wp-content\/uploads\/2025\/07\/29105139\/image-65.png 1225w\" sizes=\"(max-width: 838px) 100vw, 838px\" \/><figcaption id=\"caption-attachment-9760\" class=\"wp-caption-text\">*For Illustration purposes only<\/figcaption><\/figure>\n<h2><b>Why Should I Invest in MLDs?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">MLDs can solve many common investing challenges:<\/span><\/p>\n<ul>\n<li aria-level=\"1\">\n<h3><b>Booked profits in Gold but don\u2019t want to miss more upside?<\/b><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Selling gold too early and watching prices rise can be frustrating. With MLDs like <\/span><b>Gold Magnifier<\/b><span style=\"font-weight: 400;\">, you stay linked to gold&#8217;s performance <\/span><b>without risking your capital<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<ul>\n<li aria-level=\"1\">\n<h3><b>Never invested in Gold or Commodities?<\/b><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If volatility has kept you away, MLDs offer a safer way in. Many are <\/span><b>principal-protected<\/b><span style=\"font-weight: 400;\"> and offer <\/span><b>returns comparable to FDs<\/b><span style=\"font-weight: 400;\">,\u00a0 giving you a comfortable entry point into market-linked assets.<\/span><\/p>\n<ul>\n<li aria-level=\"1\">\n<h3><b>Want to reduce risk in your portfolio?<\/b><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">MLDs can lower portfolio risk while maintaining growth potential. Compare:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Portfolio A<\/b><span style=\"font-weight: 400;\">: 100% invested in Gold<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Portfolio B<\/b><span style=\"font-weight: 400;\">: 50% Gold + 50% in the above Gold MLD<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Even if Gold performs poorly, Portfolio B protects your capital and delivers better risk-adjusted returns.<\/span><\/p>\n<h2><b>Where Do MLDs Lie on the Risk-Reward Matrix?<\/b><\/h2>\n<figure id=\"attachment_9761\" aria-describedby=\"caption-attachment-9761\" style=\"width: 799px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-9761\" src=\"https:\/\/s3.ap-south-1.amazonaws.com\/devblogs.incredmoney.com\/blog\/wp-content\/uploads\/2025\/07\/29105229\/Screenshot-2025-07-29-132210-300x204.png\" alt=\"\" width=\"799\" height=\"543\" srcset=\"https:\/\/s3.ap-south-1.amazonaws.com\/devblogs.incredmoney.com\/blog\/wp-content\/uploads\/2025\/07\/29105229\/Screenshot-2025-07-29-132210-300x204.png 300w, https:\/\/s3.ap-south-1.amazonaws.com\/devblogs.incredmoney.com\/blog\/wp-content\/uploads\/2025\/07\/29105229\/Screenshot-2025-07-29-132210-768x521.png 768w, https:\/\/s3.ap-south-1.amazonaws.com\/devblogs.incredmoney.com\/blog\/wp-content\/uploads\/2025\/07\/29105229\/Screenshot-2025-07-29-132210.png 838w\" sizes=\"(max-width: 799px) 100vw, 799px\" \/><figcaption id=\"caption-attachment-9761\" class=\"wp-caption-text\">*For Iliustration purposes only<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">MLDs offer a <\/span><b>blend of debt-like safety and gold-like upside<\/b><span style=\"font-weight: 400;\">. They\u2019re ideal for investors seeking better returns <\/span><b>without the stress<\/b><span style=\"font-weight: 400;\"> of full equity or commodity exposure.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<h2><\/h2>\n<h2><b>Are MLDs Risky?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">While MLDs offer capital protection, here are a few risks to note:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Issuer Risk<\/b><span style=\"font-weight: 400;\"> \u2013 Like any bond, MLDs depend on the financial health of the issuing NBFC or company.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Liquidity Risk<\/b><span style=\"font-weight: 400;\"> \u2013 Some MLDs may be hard to exit early, though platforms like <\/span><a href=\"https:\/\/www.biddeasy.com\/\"><b>Bidd <\/b><\/a><span style=\"font-weight: 400;\">offer <\/span><b>Anytime Liquidity<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Market Risk (on returns)<\/b><span style=\"font-weight: 400;\"> \u2013 While your capital is safe in principal-protected MLDs, your <\/span><b>returns depend on market performance<\/b><span style=\"font-weight: 400;\"> (Gold, in this case).<\/span><\/li>\n<\/ol>\n<h2><b>What About Taxation?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">As per new rules, any gains from MLDs \u2014 whether sold, redeemed, or held to maturity \u2014 are considered <\/span><b>Short-Term Capital Gains<\/b><span style=\"font-weight: 400;\">,and hence taxed as per your <\/span><b>marginal tax rate<\/b><span style=\"font-weight: 400;\">. This places MLDs in the same tax bucket as <\/span><b>corporate bonds, FDs, and debt mutual funds<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2><b>Bidd\u2019s MLD Offering<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">At <\/span><a href=\"https:\/\/www.biddeasy.com\/\"><b>Bidd<\/b><\/a><span style=\"font-weight: 400;\">, we simplify complex investments. Our curated MLDs are:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Principal Protected<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Secured<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Investment-Grade Rated<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Issued by strong NBFCs<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Available from \u20b91,00,000<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">And our key differentiator?<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><b>Anytime Liquidity<\/b><span style=\"font-weight: 400;\"> \u2014 a rare benefit in the MLD world \u2014 giving you both <\/span><b>returns and flexibility<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h3><b><br \/>\n<\/b><b>Want to Learn More or Start Investing in MLDs?<\/b><b><br \/>\n<\/b><a href=\"https:\/\/www.biddeasy.com\/\"><span style=\"font-weight: 400;\">Check out our curated MLD offerings at Bidd \u2192<\/span><\/a><\/h3>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Debt investments are known for protecting capital, while equity investments aim to grow it. However, what if there were an investment option that could offer both capital protection and potential growth? Enter Market-Linked Debentures (MLD), also known as Structured Bonds. Market-Linked Debentures (MLDs) are a hybrid investment option issued in the form of a bond, [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":9768,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[31,45],"tags":[],"class_list":["post-9758","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing","category-market-linked-debentures"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>An Introduction to Gold Market-Linked Debentures - Bidd Easy -<\/title>\n<meta name=\"description\" content=\"Discover how Market-Linked Debentures (MLDs) work, especially those linked to gold. 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