PM Modi launches India’s first International Bullion Exchange IIBX in GIFT-City
Prime Minister Narendra Modi launched ‘India International Bullion Exchange (IIBX)’ on July 29, 2022, at the Gujarat International Finance Tec-City (GIFT City) near Gandhinagar.
IIBX is India’s first international bullion exchange. This will allow qualified jewellers to directly import gold through IIBX.
The International Financial Services Centres Authority (IFSCA) is the regulator of IIBX.
IIBX is promoted by five market institutional investor’s i.e., CDSL, India INX, NSDL, NSE and MCX.
This exchange will bring transparency to the price-setting mechanism; provide standardisation to the financialisation of the bullion in India; and work as a standard-setting tool for the quality of the bullion.
Apart from this, PM also laid the foundation stone for the headquarters building of the International Financial Services Centres Authority at GIFT-City.
Modiji also launched the NSE IFSC-SGX Connect platform.
Connect is a framework between NSE’s subsidiary in GIFT IFSC and Singapore Exchange. Through this platform, clients, investors and trading members of SGX who used to trade in NSE listed Indian securities through SGX would now trade in these securities through NSE IFSC.