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To set up International Bullion Exchange at GIFT CityMulti Commodity Exchange of India
(MCX) has signed a Memorandum of Understanding with National Stock Exchange of India
(NSE), India INX International Exchange (IFSC) (India INX), National Securities
Depository (NSDL) and Central Depository Services (India) (CDSL) for setting
up Market Infrastructure Institutions comprising of International Bullion Exchange, Clearing
Corporation and Depository at Gujarat International Financial Trade (GIFT) City in lines with the
Government of India objective to make India a price setter in 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.
Multi Commodity Exchange of India (MCX), along with other exchanges and securities depositories, will set up market infrastructure institutions in the GIFT City.
In a BSE filing made after market hours yesterday, the commodity exchange said that it had signed a Memorandum of Understanding with National Stock Exchange of India (NSE), India INX International Exchange (IFSC) (India INX), National Securities Depository (NSDL) and Central Depository Services (India) (CDSL) for setting up market infrastructure institutions comprising of International Bullion Exchange, Clearing Corporation and Depository at Gujarat International Financial Trade (GIFT) City.
The setting up of market infrastructure institutions is in line with the Government of India objective to make India a price setter in 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
March 01, 2021
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National Stock Exchange of India, Multi Commodity Exchange, BSE subsidiary India INX International Exchange, National Securities Depository and Central Depository Services have signed a Memorandum of Understanding for setting up Market Infrastructure Institutions comprising International Bullion Exchange, Clearing Corporation and Depository at Gujarat International Finance Tec-City (GIFT).
This move is in line with the government’s objective to make India a price-setter in bullion trade through GIFT International Finance Service Centre.
This is in accordance with the International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020 and other applicable Laws.
Last October, the Centre had notified a Bullion Spot contract and Bullion Depository receipt under the IFSCA Act, 2019. Though NSE, MCX and BSE had expressed interest to set up a bullion exchange separately, the newly appointed regulator the International Financial Services Centre Au