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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 

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