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Paul Noronha

(From left) Mr Sudip Bandyopadhyay, Director and CEO, Reliance Money Ltd with Mr Harmesh Arora, Vice-President, Bombay Bullion Association, at a press conference to announce the setting up of bullion trading platform in Mumbai on Monday. —

Our Bureau

Mumbai, April 21 Anil Ambani-owned Reliance Money has tied up with Bombay Bullion Association, Bombay Stock Exchange and National Multi-Commodity Exchange (NMCE) to launch over-the-counter (OTC) bullion trading platform, Bullion Spot Market (BSM) Ltd. The platform will go live in next one month.

Mr Sudip Bandyopadhyay, CEO, Reliance Money, said BSM will help jewellers monitor international bullion price fluctuation on real time basis and facilitate retail investors to buy gold and silver coins.

The trading platform will be operated through a Web site, wherein the retail investors can place their orders and transact, while the non-retail players will have to comply with KYC norms and register as members.

Software company, IT People would provide the technical back-up for the entire initiative.

A security deposit will be required in the case of non-retail customers, while retail customers can go in for spot-buy, the company said in a press release.

Non-retail customers can trade with 20 per cent margin payment and the delivery under the process will be made through 14 centres.

“We are in the process of finalising the banks, which will deliver gold to the retail buyers,” said Mr Bandyopadhyay.

If the trade happens in the first session of the day, then the delivery will be made during the same day and in case of trade in the second session the delivery will be on a T+1 basis, he said.

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