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IIBX operations at GIFT City from Jan 17

by TLAteam January 5, 2022January 5, 2022
written by TLAteam January 5, 2022January 5, 2022
IIBX operations at GIFT City from Jan 17

India International Bullion Exchange (IIBX) – the country’s first international bullion exchange – is set to begin trading operations within the International Financial Services Centre (IFSC) at GIFT City in Gandhinagar Soon after Uttarayan. According to sources the exchange will begin operations on January 17 and will be inaugurated on January 11 on the sidelines of the Vibrant Gujarat Global Summit (VGGS) 2022.

IIBX will be a gateway for bullion imports into India, and bullion for domestic consumption will be channelled through it.

“While the IIBX will be inaugurated during VGGS 2022, operations will begin once the Kamurta period ends, after Uttarayan. Trial runs have been conducted and all necessary measures are in place,” said a well-placed source.

The Union Finance Ministry has started the process of notifying bullion spot trading, depository receipts with underlying bullion as financial products, and other bullion-related services as financial services.

Along with the IIBX, a bullion trade ecosystem is being established, a first in India. In addition to the exchange, a deposit vault and a free trade warehousing zone (FTWZ) are in the works. “The establishment of a bullion refinery has also been approved by the authorities,” as per sources

Besides conventional import channels for gold, the IIBX will open a parallel channel for gold trading at the international level and will put Gujarat and India on the global map, industry experts said. “HNI jewellers and bullion traders will be able to import gold through this exchange,” the source added.

The holding company India International Bullion Holding IFSC Limited (IIBH) was formed specifically to establish the IIBX, a bullion clearing corporation as well as a bullion depository.

The National Stock Exchange of India (NSE), the Multi Commodity Exchange of India (MCX), the India INX International Exchange (IFSC) (India INX), the National Securities Depository (NSDL), and Central Depository Services (India) signed a memorandum of understanding (MoU) to form IIBH (CDSL). The exchange was supposed to go live on October 1st.

According to sources, trial runs and mock operations have been completed to ensure a smooth launch.

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