On 1st March 2021, The National Stock Exchange of India Limited (NSE India) signed a Memorandum of Understanding(MoU) to set up a market infrastructure institution which consists of International Bullion Exchange(IBX), clearing corporation and depository, at the Gujarat International Finance Tec (GIFT) City in Gujarat.
The other signatories were
i.Multi Commodity Exchange of India Ltd,
ii.India INX International Exchange Ltd,
iii.National Securities Depository Ltd
iv.Central Depository Services (India) Ltd
Objective:
The MoU is in Line with the objective of the government “To make India a price setter in the 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”.
International Bullion Exchange:
IBX is a precious metals dealer, which has a reputation as a trusted and dedicated resource for people who want to diversify their holdings with precious metals and diamond investments.
Recent Related News:
On September 22, 2020 Singapore Exchange Ltd (in short- SGX) and National Stock Exchange of India Ltd. (inshort- NSE) signed a formal agreement in order to confirm the key terms to operationalise the NSE International Financial Service Centre (IFSC)-SGX Connect. NSE IFSC-SGX Connect unites international and Gujarat International Finance Tec-City (GIFT) participants to create a large liquidity pool for Nifty products in GIFT City.
About National Stock Exchange (NSE):
NSE is India’s largest Financial market, and world’s largest derivatives exchange in terms of contracts traded.
Managing Director & CEO– Vikram Limaye
Incorporated in 1992
Headquarters– Mumbai, Maharashtra
