Modi launches India’s first International Bullion Exchange IIBX in Gandhinagar

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 Biznextindia : Prime Minister Narendra Modi on Friday 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. Chief Minister of Gujarat Bhupendrabhai Patel, Union Minister Nirmala Sitharaman, Union and State Ministers, diplomats, business leaders were among those present on the occasion.

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 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 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.  It 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.

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