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GIFT City/New Delhi: Off the National Highway 8 that connects Ahmedabad with Gujarat’s capital Gandhinagar, a handful of tall, shiny buildings tower over the smaller settlements along the highway.
These skyscrapers are part of the Gujarat International Finance Tec (GIFT) City, the country’s first business district housing an International Finance Service Centre (IFSC) and special economic zone for domestic and international financial services.
The city, built on the banks of the Sabarmati river, was planned across 886 acres and 62 million square feet, with an aim to create 5 lakh direct jobs when complete. The city was going to be India’s attempt to capture business from financial services hubs like Singapore and London by offering investors various incentives to conduct their foreign financial transactions in this hub.
To set up International Bullion Exchange at GIFT CityMulti Commodity Exchange of India
(MCX) has signed a Memorandum of Understanding with National Stock Exchange of India
(NSE), India INX International Exchange (IFSC) (India INX), National Securities
Depository (NSDL) and Central Depository Services (India) (CDSL) for setting
up Market Infrastructure Institutions comprising of International Bullion Exchange, Clearing
Corporation and Depository at Gujarat International Financial Trade (GIFT) City in lines with the
Government of India objective to make India a price setter in bullion through GIFT International
Finance Service Centre (IFSC) and in accordance with the International Financial Services Centres
Authority (Bullion Exchange) Regulations, 2020 and other applicable laws.
Multi Commodity Exchange of India (MCX), along with other exchanges and securities depositories, will set up market infrastructure institutions in the GIFT City.
In a BSE filing made after market hours yesterday, the commodity exchange said that it had signed a Memorandum of Understanding with National Stock Exchange of India (NSE), India INX International Exchange (IFSC) (India INX), National Securities Depository (NSDL) and Central Depository Services (India) (CDSL) for setting up market infrastructure institutions comprising of International Bullion Exchange, Clearing Corporation and Depository at Gujarat International Financial Trade (GIFT) City.
The setting up of market infrastructure institutions is in line with the Government of India objective to make India a price setter in bullion through GIFT International Finance Service Centre (IFSC) and in accordance with the International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020 and other applicable