Sign In
Learn bits
Economy
Mahesh

30/07/22 05:45 AM IST

India’s first International Bullion Exchange

In News 
  • Prime Minister Shri Narendra Modi laid the foundation stone of the headquarters building of the International Financial Services Centres Authority (IFSCA) in GIFT City, Gandhinagar.
  • He also launched the India International Bullion Exchange (IIBX), India’s first International Bullion Exchange in GIFT-IFSC.
  • He also launched the NSE IFSC-SGX Connect.
About GIFT City, IFSCA 
  • GIFT city (Gujarat International Finance Tec-City) was envisaged as an integrated hub for financial and technology services not just for India but for the world.
  • IFSCA is the unified regulator for the development and regulation of financial products, financial services and financial institutions in International Financial Services Centres (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.
IIBX 
  • IIBX will facilitate efficient price discovery with the assurance of responsible sourcing and quality, apart from giving impetus to the financialisation of gold in India.
  • It will empower India to gain its rightful place in the global bullion market and serve the global value chain with integrity and quality.
  • IIBX 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.
NSE IFSC-SGX
  • NSE IFSC-SGX Connect is a framework between NSE's subsidiary in the GIFT International Financial Services Centre (IFSC) and Singapore Exchange Limited (SGX).
  • Under Connect, all orders on NIFTY derivatives placed by members of Singapore Exchange will be routed to and matched on the NSE-IFSC order matching and trading platform.
  • Broker-Dealers from India and across international jurisdictions are expected to participate in large numbers for trading derivatives through Connect. 
Source- PIB 

More Related Current Affairs View All

06 Jan

1978 ‘anti-conversion’ law of Arunachal Pradesh

'Arunachal Pradesh is home to a number of different small ethnic communities with an array of different beliefs and practices.' The law, enacted by the then Union Territory of A

Read More

03 Jan

State of Forest Report 2023

'The State of Forest Report (SFR) 2023 was released by Union Environment Minister Bhupender Yadav at the Forest Research Institute, Dehradun, on December 21, 2024.' The SFR is

Read More

31 Dec

ISRO launches SpaDeX mission for space docking

'The Indian Space Research Organisation (ISRO) successfully launched the Space Docking Experiment (SpaDeX) mission recently.' The PSLV C60 rocket carrying two small satellites,

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps