PM to launch India International Bullion Exchange at GIFT City on July 29

BL New Delhi Bureau | Updated on: Jul 25, 2022
Prime Minister Narendra Modi

Prime Minister Narendra Modi | Photo Credit: -

Will also launch NSE IFSC-SGX Connect to deepen liquidity in derivative markets at GIFT-IFSC

Prime Minister Narendra Modi will launch the India International Bullion Exchange (IIBX) at the Gujarat International Finance Tec-City (GIFT City) — India’s maiden International Financial Services Centre (IFSC) — on July 29.

IIBX will facilitate efficient price discovery with the assurance of responsible sourcing and quality, apart from giving impetus to the financialisation of gold. Modi will also launch NSE IFSC-SGX Connect, said a release.

Under this Connect, all orders on NIFTY derivatives placed by members of Singapore Exchange Limited (SGX) will be routed to and matched on the NSE-IFSC order matching and trading platform. The said Connect will deepen liquidity in derivative markets at GIFT-IFSC, bringing in more international participants and creating a positive impact on the financial ecosystem in the GIFT-IFSC. 

Broker-dealers from India and across international jurisdictions are expected to participate in large numbers for trading derivatives through the Connect, the release added.

IFSCA headquarters

During his visit to GIFT City, the Prime Minister will also lay the foundation stone of the headquarters building of the International Financial Services Centres Authority (IFSCA), the unified regulator for the development and regulation of financial products, financial services and financial institutions in IFSCs in India. The building has been conceptualised as an iconic structure, reflective of the growing prominence and stature of GIFT-IFSC as a leading International Financial Centre, the release said.

The launch of IIBX is expected to empower India to gain its rightful place in the global bullion market and serve the global value chain with integrity and quality. This also re-enforces the commitment of the Government of India towards enabling India to be able to influence global bullion prices as a principal consumer, the release added.

Published on July 25, 2022
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