PM Modi To Launch India's First International Bullion Exchange In Gujarat's GIFT-IFSC On 29 July

PM Modi To Launch India's First International Bullion Exchange In Gujarat's GIFT-IFSC On 29 July

by Swarajya Staff - Tuesday, July 26, 2022 08:20 AM IST
PM Modi To Launch India's First  International Bullion Exchange In Gujarat's GIFT-IFSC On 29 JulyGIFT 1 and GIFT 2, the completed towers of the city (Representative Image)

Prime Minister Narendra Modi will visit Gujarat International Finance Tec-City (GIFT City), India’s maiden International Financial Services Centre (IFSC), on 29 July.

During his visit, PM Modi will lay the foundation stone of the headquarters building of the International Financial Services Centres Authority (IFSCA), the unified regulator for the development and regulation of financial products, financial services and financial institutions in International Financial Services Centres (IFSCs) in India.

The headquarters building of IFSCA has been conceptualised as an iconic structure, reflective of the growing prominence and stature of GIFT-IFSC as a leading international financial centre, the IFSC Authority said in a release on Monday (25 July).

The Prime Minister will also launch India International Bullion Exchange (IIBX), India’s first International Bullion Exchange in GIFT-IFSC.

"IIBX will facilitate efficient price discovery with the assurance of responsible sourcing and quality, apart from giving impetus to the financialisation of gold in India. This shall empower India to gain its rightful place in the global bullion market and serve the global value chain with integrity and quality," the IFSC said.

The IIBX will also enable India to be able to influence global bullion prices as a principal consumer.

He will also launch NSE IFSC-SGX Connect. Under this Connect, 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 IFSC said.

The said Connect will deepen liquidity in derivative markets at GIFT-IFSC, bringing in more international participants and creating a positive impact on the financial ecosystem in the GIFT-IFSC, it added.

Broker-dealers from India and across international jurisdictions are expected to participate in large numbers for trading derivatives through the Connect, the IFSC authority said.

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