PM Narendra Modi inaugurates India’s first International Bullion Exchange at Gandhinagar – Times of India

GANDHINAGAR: Prime Minister Narendra Modi on Friday inaugurated the country’s first international bullion exchange – the India International Bullion Exchange (IIBX) at Gujarat International Finance Tec-City (GIFT City) in Gandhinagar.
At India’s maiden International Financial Services Centre (IFSC), the PM also inaugurated NSE-SGX Connect, in collaboration with the Singapore Exchange Limited (SGX).
Besides, the PM also laid the foundation stone for the headquarter building of IFSC Authority (IFSCA), the unified statutory regulator for the development and regulation of financial products, financial services and financial institutions in the IFSCs in India.
Union minister of finance and corporate affairs, Nirmala Sitharaman, along with Union minister of state for finance – Pankaj Chaudhary and Dr Bhagwat Karad, Gujarat CM Bhupendra Patel and state minister of Kanubhai Desai were present during the inauguration ceremony held in Gandhinagar at the GIFT City Campus.
IIBX is the third such exchange in the world and has been set up with an aim to enable India to become an influencer for global bullion prices. IIBX will facilitate the transition of the Indian Bullion Market towards a more organised structure by roping in qualified jewellers. So far, some 56 qualified jewellers have been registered on board this far and have direct access to import gold directly, through the exchange mechanism.
The IIBX will facilitate efficient price discovery and ensure standardisation, quality assurance and sourcing integrity in addition to providing impetus to financialisation of gold in India.
PM also laid the foundation stone of the IFSCA headquarters building, the IFSCA Tower, which is planned across a 3 lakh square-feet area spread across some 27 floors. An investment of Rs 200 crore is expected to go into setting up the building.
“IIBX is a major step and India being the principal (second largest) consumer of gold, will now be able to command global prices. The second milestone getting inaugurated today is the NSE-IFSC and SGX Connect. IFSC shall work as the Connect i.e. to enable crossborder bridging so that capital markets have interoperability between India and Singapore,” said Sitharaman, while addressing the occasion.
As part of the NSE IFSC-SGX Connect, all orders on NIFTY derivatives placed by members of SGX will be routed to and matched on the NSE-IFSC order matching and trading platform. The Connect will deepen liquidity in derivative markets at GIFT-IFSC, bringing in more international participants.
At present, the average daily volume in NIFTY Futures at SGX is 1.09 lakh contracts valued worth approximately US $3.65 billion. This volume is expected to move to NSE-IFSC once the Connect is fully implemented, pursuant to a transition period of 4-5 months.

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