PM Modi Will Launch India's First International Bullion Exchange IIBX On July 29
IFSCA's headquarters building is envisaged as a reputed structure, reflecting the increasing prominence and stature of GIFT-IFSC as a leading international financial center.
Prime Minister Narendra Modi will visit the Gujarat International Finance Tech-City (Gift City), India's first International Financial Services Center (IFSC) on July 29, 2022. The Prime Minister's Office informed that the Prime Minister, during his visit, will lay the foundation of the Building of the International Financial Services Center Authority (IFSCA), which is an integrated regulator for the development and regulation of financial products, financial services, and financial institutions in international financial services.
IFSCA's headquarters building is envisaged as a reputed structure, reflecting the increasing prominence and stature of GIFT-IFSC as a leading international financial center. The Prime Minister will launch India's first International Bullion Exchange, India International Bullion Exchange (IIBX) at the GIFT-IFSC. IIBX will facilitate efficient value search with responsible sourcing and quality assurances, in addition to promoting gold financialization in India. It will empower India to gain its rightful place in the global bullion market and serve the global value chain with integrity and quality. It also re-implements the Indian government's commitment to enabling India to affect global bullion prices as a major consumer.
Prime Minister NSE IFSC-SGX connect will also be launched
The Prime Minister will also launch NSE IFSC-SGX Connect. Under this connection, all orders of Nifty derivatives kept by members of Singapore Exchange Limited (SGX) will be routed and matched on NSE-IFSC orders matching and trading platforms. The said connection will deepen liquidity in derivative markets in the Gift-IFSC and will bring more international participants, and create positive effects on the financial ecosystem in the gift-IFSC.
A large number of trading derivatives are expected to participate in large numbers through connecting to broker-dealers of India and International Courts. Many more important announcements will be made during the Prime Minister's visit. Gujarat Chief Minister Bhupendra Patel on this occasion; Union Home Affairs and Cooperation Minister Amit Shah, Union Finance and Corporate Affairs Minister Nirmala Sitharaman; Kanubhai Desai, Minister of Finance and Energy, Government of Gujarat; Union Minister of State for Finance Pankaj Chaudhary and Dr. Bhagwat Kishanrao Karad will also be involved.
