Gandhinagar : Prime Minister Narendra Modi India’s first international bullion exchange – India International Bullion Exchange (IIBX) was inaugurated at Gujarat International Finance Tec-City (GIFT City) in Gandhinagar on Friday.
In India’s first International Financial Services Center (IFSC), the Prime Minister launched the NSE-SGX. also inaugurated connectIn association with Singapore Exchange Limited (sgx,
In addition, the PM also laid the foundation stone of the headquarters building of the Integrated Statutory Regulatory IFSC Authority (IFSCA) for development and regulation of financial products, financial services and financial institutions in IFSCs in India.
Union Minister of Finance and Corporate Affairs, Nirmala sitharamanWith Union Minister of State for Finance Pankaj Choudhary and Dr. Bhagwat Karad, Chief Minister of Gujarat Bhupendra Patel and minister of state Kanubhai Desai He was present during the inaugural function held in Gandhinagar at GIFT City Campus.
IIBX is the third such exchange in the world and has been set up with the aim of enabling India to become a dominant player for global bullion prices. IIBX will help move the Indian bullion market towards a more organized structure by engaging qualified jewellers. So far, around 56 eligible jewelers have been registered on the board and have direct access to import gold directly through the exchange mechanism.
IIBX will facilitate efficient price discovery and ensure standardisation, quality assurance and sourcing integrity, besides accelerating gold financialization in India.
The Prime Minister also laid the foundation stone of the IFSCA Headquarters building, IFSCA Tower, which is planned to be spread over an area of 3 lakh square feet spread over 27 floors. An investment of Rs 200 crore is expected in the setting up of the building.
“IIBX is a big step forward and India being the major (second largest) consumer of gold, will now be able to control global prices. The second milestone being inaugurated today is NSE-IFSC and SGX Connect. IFSC will work as a connect i.e. to enable crossborder bridging so that there is inter-operability between India and Singapore in capital markets,” Sitharaman said while addressing the occasion.
As part of NSE IFSC-SGX Connect, all orders are in place nifty Derivatives held by SGX members will be routed and matched on the NSE-IFSC order matching and trading platform. Connect will deepen liquidity in GIFT-IFSC in derivatives markets, and bring in more international participants.
Currently, the average daily volume in Nifty futures on SGX is 1.09 lakh contracts, valued at around USD 3.65 billion. Once CONNECT is fully implemented, this volume is expected to move to NSE-IFSC, as per the transition period of 4-5 months.
In India’s first International Financial Services Center (IFSC), the Prime Minister launched the NSE-SGX. also inaugurated connectIn association with Singapore Exchange Limited (sgx,
In addition, the PM also laid the foundation stone of the headquarters building of the Integrated Statutory Regulatory IFSC Authority (IFSCA) for development and regulation of financial products, financial services and financial institutions in IFSCs in India.
Union Minister of Finance and Corporate Affairs, Nirmala sitharamanWith Union Minister of State for Finance Pankaj Choudhary and Dr. Bhagwat Karad, Chief Minister of Gujarat Bhupendra Patel and minister of state Kanubhai Desai He was present during the inaugural function held in Gandhinagar at GIFT City Campus.
IIBX is the third such exchange in the world and has been set up with the aim of enabling India to become a dominant player for global bullion prices. IIBX will help move the Indian bullion market towards a more organized structure by engaging qualified jewellers. So far, around 56 eligible jewelers have been registered on the board and have direct access to import gold directly through the exchange mechanism.
IIBX will facilitate efficient price discovery and ensure standardisation, quality assurance and sourcing integrity, besides accelerating gold financialization in India.
The Prime Minister also laid the foundation stone of the IFSCA Headquarters building, IFSCA Tower, which is planned to be spread over an area of 3 lakh square feet spread over 27 floors. An investment of Rs 200 crore is expected in the setting up of the building.
“IIBX is a big step forward and India being the major (second largest) consumer of gold, will now be able to control global prices. The second milestone being inaugurated today is NSE-IFSC and SGX Connect. IFSC will work as a connect i.e. to enable crossborder bridging so that there is inter-operability between India and Singapore in capital markets,” Sitharaman said while addressing the occasion.
As part of NSE IFSC-SGX Connect, all orders are in place nifty Derivatives held by SGX members will be routed and matched on the NSE-IFSC order matching and trading platform. Connect will deepen liquidity in GIFT-IFSC in derivatives markets, and bring in more international participants.
Currently, the average daily volume in Nifty futures on SGX is 1.09 lakh contracts, valued at around USD 3.65 billion. Once CONNECT is fully implemented, this volume is expected to move to NSE-IFSC, as per the transition period of 4-5 months.