GIFT City: PM Modi to launch India’s 1st global bullion exchange in Gujarat on Friday
New Delhi: Prime Minister Narendra Modi will launch the country’s first India International Bullion Exchange (IIBX) at Gujarat International Finance Tec-City (GIFT City) on June 29 (Friday).
He will also lay the foundation of the unified regulator International Financial Services Centres Authority (IFSCA) headquarters building in GIFT City, the country’s maiden IFSC.
The IIBX will facilitate efficient price discovery with the assurance of responsible sourcing and quality, apart from giving impetus to the financialization of gold in India, the IFSCA said in a statement.
“This shall empower India to gain its rightful place in the global bullion market and serve the global value chain with integrity and quality. This also re-enforces the commitment of the Government of India towards enabling the country to influence global bullion prices as a principal consumer.”
Besides, the PM will launch the NSE IFSC-SGX Connect. Under this system, all orders on Nifty derivatives placed by members of Singapore Exchange Limited (SGX) will be routed to and matched on the NSE-IFSC order matching and trading platform.
The connect platform will deepen liquidity in derivative markets at the GIFT-IFSC.
Brokers and dealers from India and across international jurisdictions are expected to take part in large numbers for trading derivatives through the connect.
The statement said several key announcements would also be made during the PM’s visit.
Gujarat Chief Minister Bhupendra Patel, Union Minister of Home Affairs and Co-operation Amit Shah, Union Minister of Finance and Corporate Affairs Nirmala Sitharaman, Union Ministers of State for Finance Pankaj Choudhary and Bhagwat Kishanrao Karad, among others, will also attend the events.
(VP)
