Indian Prime Minister Narendra Modi is set to launch the country’s first international bullion exchange at Gujarat International Finance Tec-City (GIFT City) on Friday.
The Indian Prime Minister, during his visit, 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, according to an official statement.
GIFT City in Gandhinagar, Gujarat is India’s first International Financial Services Centre (IFSC).
Dignitaries like Indian Union home minister Amit Shah, finance minister Nirmala Sitharaman and Gujarat chief minister Bhupendra Patel are expected to be attending the event.
According to the an Indian daily, Hindustan Times, Modi will 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. This also re-enforces the commitment of the government of India towards enabling India to be able to influence global bullion prices as a principal consumer,” a government statement said.
Modi is also scheduled to launch NSE IFSC-SGX Connect. Under this, 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 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. Broker-Dealers from India and across international jurisdictions are expected to participate in large numbers for trading derivatives through the Connect, said the Hindustan Times.
