International Financial Services Centres Authority (IFSCA) launched the pilot run of the International Bullion Exchange last week. The exchange, soft-launched by the IFSCA chairperson Injeti Srinivas, is scheduled to go live on October 1, 2021, which is the Foundation Day of the authority, according to media reports.
India International Bullion Holding IFSC Limited (IIBH) has been created for setting up and operationalizing international bullion exchange, bullion clearing corporation, and bullion depository in the International Financial Services Center (IFSC) at GIFT City in Gandhinagar.
The holding company, IIBH, was established following a memorandum of understanding signed between National Stock Exchange of India Limited (NSE), Multi Commodity Exchange of India Limited (MCX), India INX International Exchange (IFSC) Limited (India Inx), National Securities Depository Limited (NSDL), Central Depository Services (India) Limited (CDSL).
The International Bullion Exchange shall be the “Gateway for Bullion Imports into India, where all the bullion imports for domestic consumption shall be channelized through the exchange,” the Union finance ministry said in a statement.
The exchange ecosystem is expected to bring all the market participants to a common transparent platform for bullion trading and provide efficient price discovery, assurance in the quality of gold, enable greater integration with other segments of financial markets, and help establish India’s position as a dominant trading hub in the world, the ministry added.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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