Ahmedabad: International Financial Services Center Authority (IFSCA) launched the Pilot Run of the International Bullion Exchange on Wednesday.
Exchange, softlaunched by the Head of the Ifsca Srinivas, is scheduled to be aired on October 1, 2021, which is the foundation day of the authority.
India International Bullion Holding IFSC Limited (IIBH) has been made to prepare and operationalize international bullion exchanges, Bullion Clearing Corporation and Bullion Depository at the International Financial Services Center (IFSC) in the gift city in Gandhinagar.
The parent company, IIBH, was established after a signed memorandum of understanding between the Indian National Stock Exchange Limited (NSE), Multi Commodity Exchange of India Limited (MCX), India Inx International Exchange (IFSC) Limited (India INX), National Securities Depository Limited (NSDL ), Central Depository Services (INDIA) LIMITED (CDSL).
“The exchange of international bullion will be ‘gateway for bullion imports to India’, where all import bars for domestic consumption will be channeled through exchanges,” the UNI Ministry of Finance said in a statement.
Exchange ecosystems are expected to bring all market participants on the general transparent platform for gold trade and provide efficient price discoveries, guarantees in the quality of gold, enable greater integration with other financial market segments and help build Indian positions as dominant.
The trade hub in the world, the Ministry added.