Prime Minister of India, Mr. Narendra Modi will launch the country’s first international Bullion exchange at Gujarat International Finance Tec-City (GIFT City) on July 29. He will also lay the foundation stone of the headquarters building of the unified regulator International Financial Services Centers Authority.
Further, GIFT City is India’s First International Financial Services Centre (IFSC).
India International Bullion Exchange (IIBX)
According to the statement given by IFSC, the prime minister will launch the India International Bullion Exchange (IIBX) which will enable efficient price discovery along with the assurance of responsible sourcing and quality, apart from giving momentum to the financialization of gold in India.
Further, the statement said that this will entitle India to gain its recognized position in the global bullion market and serve the global market with integrity and quality. Also, this supports the commitment of the Indian government of enabling the country to be able to influence the global bullion market prices as a principal consumer.
Moreover, PM Narendra Modi will launch NSE IFSC-SGX Connect. Under this system, all the orders placed on Nifty derivatives by the members of Singapore Exchange Ltd (SGX) will be matched on the NSE IFSC trading and order matching platform. This connect will help in strengthening the liquidity in the derivative market at GIFT – IFSC.
Brokers and dealers from India as well as across the world are expected to participate in a vast number for trading derivatives through connect.
The statement further added that several announcements will be made during the visit of the prime minister.
Many important personalities who will attend this event include Bhupendra Patel who is Chief Minister of Gujarat, Union Minister of Home Affairs and Co-operation Amit Shah and Nirmala Sitharaman who is Union Minister of Finance and Corporate Affairs, Pankaj Chaudhary who is a Union Minister of State for Finance and Bhagwat Kishanrao Karad.
