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The international bullion exchange at GIFT city could be a game changer for gold trade in India
It’s good to note the brisk speed with which the implementation of the international bullion exchange in the Gujarat International Finance Tec-City is progressing. For it hastens the process of India becoming a price setter in the international bullion market, from being a price taker. The absence of a spot market for gold in the country forced domestic stakeholders to use prices traded on international exchanges to compute local prices. The signing of the memorandum of understanding between the leading stock and commodity exchanges and depository participants last week sets the stage for erecting the market infrastructure on which the bullion exchange will be based. Besides helping discover prices in India, the exchange can also become a future hub of gold trading if international traders are incentivised enough to shift part of their trading here. The necessary reg
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
Bullion exchange at GIFT City: NSE signs pact with MCX,India INX, NSDL, CDSL freepressjournal.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from freepressjournal.in Daily Mail and Mail on Sunday newspapers.
Read more about NSE signs pact to set up international bullion exchange at GIFT City on Business Standard. An international bullion exchange, clearing corporation and depository will be set up