“Opening such investments to retail investors will act as a step towards democratising wealth creation and providing diversification benefits to retail investors. Retail investors usually have access only to traditional securities, primarily listed equities or fixed deposits,” Kundan Shahi, CEO of LegalPay said.

The 30-share BSE Sensex closed up 846.94 points at 60747.31

"If we feel that the rates are to be taken a little up or down, we will be doing that looking at the market conditions. The GSEC tenure may not remain at one level and it has moved very widely. There are wide swings in GSEC and also the market over the last one year. If we feel that after one year it needs some moderation, it will be moderated and whatever contribution comes from that period will have that guarantee."

The NSE Nifty index closed 241.75 points up at 18101.2

At the close, Sensex ended 847 points higher at 60,747, while Nifty50 climbed 1.35% to 18,101 points . Broader markets, however, underperformed the headline indices. Among sectoral indices, Nifty IT clocked the maximum gains of 3%.

In the Nifty pack, 44 stocks closed in the green, while 6 stocks ended in the red.

The Nifty Realty index closed 0.61 per cent up at 428.45.

The Nifty Auto index closed 1.23 per cent up at 12783.0.