SGBs are government securities denominated in grams of gold. The Government of India introduced the Sovereign Gold Bond (SGB) Scheme in November 2015 to offer investors an alternative to own gold. What is Sovereign Gold Bond (SGB)? Who is the issuer? SGBs are government securities denominated in grams of gold. SGBs are issued by RBI on behalf of the Government of India and hence the bonds carry a sovereign guarantee on payment of interest and. Sovereign gold bond (SGB) issued by the government is one of the ways to own gold in paper form.