PM Modi to visit GIFT City in Gujarat on July 29, launch India’s first International Bullion Exchange

Prime Minister Narendra Modi will visit Gujarat International Finance Tec-City (GIFT City) On July 29.

During his visit, he will lay the foundation stone of the headquarters 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 Prime Minister will also launch India International Bullion Exchange (IIBX), India’s first International Bullion Exchange in GIFT-IFSC.

IIBX is intended to facilitate efficient price discovery with the assurance of responsible sourcing and quality, apart from giving impetus to the financialisation of gold in India.

Apart from that, the Prime Minister 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 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. 

Broker-Dealers from India and across international jurisdictions are expected to participate in large numbers for trading derivatives through the Connect," according to a PIB release.