India's first bullion exchange to go up in GIFT City
By TIOL News Service
NEW DELHI, DEC 14, 2020: FINANCE Minister Ms Nirmala Sitharaman announced that India's first spot bullion exchange will be set up at the International Financial Services Centre (IFSC) in Gujarat's GIFT City.
The Ministry of Finance in its press release said they had notified bullion exchange regulations, paving the way for setting up the entire ecosystem for bullion trading, including bullion exchange, depository, clearing house and vaults.
The International Financial Services Centres Authority (IFSCA) has been entrusted with the responsibility of operationalization of this exchange, the ministry said.
“In this regard, International Financial Services Centres Authority (Bullion Exchange) Regulations 2020 were approved by the Authority in its meeting held on October 27,2020. The said regulations have been notified and published in the Gazette of India on December 11, 2020.”
The first half of the regulation deals with the exchange and clearing corporations while the second half pertains to the vaults and depositories and related provisions.
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