The International Financial Services Centre Authority (IFSCA) and the India Gold Policy Centre (IGPC) at the Indian Institute of Management, Ahmedabad (IIM-A), signed a Memorandum of Understanding (MoU) at GIFT City in Gandhinagar, on Saturday, to provide consultation for the establishment of the International Bullion Exchange (IBE) in India.
IGPC-IIMA, an independent think tank with in-house expertise in the area of gold markets, will make for a knowledge partner for IFSCA to roll out the IBE successfully, stated an official release.
The IGPC-IIMA is expected to take a top-down approach by setting a broader vision, developing success strategies and creating operating guidelines for the seamless functioning of the IBE, it added.
“We are glad to have such sectoral expertise within institutions like IIM-A when we are looking at a project that has global reach. We are excited about this initiative and look forward to a fruitful engagement,” said Injeti Srinivas, chairperson of IFSCA.
At the Union Budget 2020, Finance Minister Nirmala Sitharaman had announced that India will soon have an IBE at the IFSC in GIFT City in Gandhinagar. The IFSC Authority was established on April 27 this year by the Government of India as the unified regulator.
It has been endowed with the responsibility of starting this exchange.
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