August 19, 2021 3:27:34 am
The International Bullion Exchange at GIFT IFSC conducted a pilot run on Wednesday with the exchange scheduled to go live on October 1, according to a press note issued by International Financial Services Centres Authority (IFSCA).
According to the IFSCA, “The International Bullion Exchange shall be the “Gateway for Bullion Imports into India”, wherein all the bullion imports for domestic consumption shall be channelized through the exchange. The exchange ecosystem is expected to bring all the market participants at a common transparent platform for bullion trading and provide an 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.”
With no spot exchange for bullion in India, the holding company India International Bullion Holding IFSC Ltd. (IIBH) is expected to attract a chunk of the volume of the global bullion trade.
IIBH was formed following a memorandum of understanding (MoU) between National Stock Exchange of India (NSE), the Multi Commodity Exchange of India (MCX), India INX International Exchange (IFSC) (India INX), National Securities Depository (NSDL), and Central Depository Services (India) (CDSL).
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