Launch of NSE Refiner Standards for BIS –Standard Gold, NSE to accept Gold Bars produced by Indian Refiners from July 10
India-made gold bars to be used for futures contracts at NSE
Economic Times
India-made gold bars to be used for futures contracts at NSE
NSE Refiner Standards for BIS standard gold will be effective from Friday, July 10, 2020.
10 July 2020
National Stock Exchange of India (NSE) on Friday announced the launch of NSE Refiner Standards (NRS) for Bureau of Indian Standard (BIS) standard gold. This will enable the acceptance of gold bars produced by the domestic refiners in India for settlement of the gold futures contracts traded on the NSE platform.
"There are more than 22 BIS approved refineries in the country. One of them is also approved by London Bullion Market Association (LBMA). Six refiners are in the process of completing their agreements and deposit formalities with us. We will announce their names next week,” Ravi Varanasi, chief business development officer, NSE, told ET.
NSE Refiner Standards for BIS standard gold will be effective from Friday, July 10, 2020.
“With the launch of NRS for BIS standard gold, NSE aims to offer a fair chance to the Indian refiners, adhering to the BIS notified standards, to be a part of the exchange settlement framework. This initiative demonstrates NSE’s vision and commitment towards inclusive growth of all market participants,” Varanasi said.
James Jose, managing director of Chemmanur Gold Refinery and secretary of the Association of Refineries & Mints said: “The move will enable the gold trade to gradually substitute bullion imports with gold refined in India." Gold dore (impure gold), which mostly comes from African nations, is refined by Indian refineries.
NSE to accept gold bars produced by Indian refiners for settlement
Business Standard
NSE to accept gold bars produced by Indian refiners for settlement
Leading stock exchange NSE on Friday said it will accept gold bars produced by the domestic refiners for settlement of the gold futures contracts traded on its platform.
10 July 2020
Leading stock exchange NSE on Friday said it will accept gold bars produced by the domestic refiners for settlement of the gold futures contracts traded on its platform.
For this, the exchange launched NSE Refiner Standards (NRS) for BIS - Standard Gold- which will be effective from Friday, July 10.
"The NSE Refiner Standards for BIS Standard Gold would enable the acceptance of gold bars produced by the domestic refiners in India, for settlement of the gold futures contracts traded on the NSE platform," the exchange said in a statement.
Until Thursday, NSE accepted serially numbered gold bars produced by London Bullion Market Association (LBMA) approved refiners for settlement of the gold contracts traded on the commodity derivatives segment of the exchange.
The introduction of NRS for BIS Standard Gold- will facilitate greater participation from the domestic market players in the exchange traded deliverable bullion commodity derivatives by widening the scope of acceptable bullion commodity for delivery on the platform, the National Stock Exchange (NSE) said.
This in turn will be helpful in deepening the market and facilitate the overall development of physical settlement framework in Indian commodity derivatives market, it added.
"With the launch of NRS for BIS Standard Gold, NSE aims to offer a fair chance to the Indian refiners, adhering to the BIS notified standards, to be a part of the exchange settlement framework. This initiative demonstrates NSE's vision and commitment towards inclusive growth of all market participants," said Ravi Varanasi, Chief Business Development Officer at NSE.
The move is aimed at enhancing the effectiveness of the physical settlement framework for the commodity derivatives contracts in the country by including the Indian refiners in the exchange settlement framework.
It will also help widen the array of acceptable gold which can be provided by the members for the physical settlement of gold contracts traded on the commodity derivatives segment of NSE.
By way of these standards, the exchange has laid down detailed guidelines for criteria for empanelment, both quantitative and qualitative; compliance requirements; technical evaluation; process and sourcing audits including a fallback mechanism. NSE had launched its commodities derivatives platform during 2018-19.
NSE launches new gold standard for delivery
Hindu Business Line
NSE launches new gold standard for delivery
10 July 2020
The National Stock Exchange has announced NSE Refiner Standards (NRS) for BIS-Standard gold to be delivered for settlement of the gold futures contracts traded on its platform.
The NRS will come into effective from Friday, it said.
Currently, the NSE accepts serial-numbered gold bars produced by London Bullion Market Association-approved refiners for settlement of the gold contracts traded on the commodity derivatives segment of the exchange.
NSE will now empanel refiners producing gold bars as per Bureau of Indian Standards for delivery.
This initiative is in line with the government’s efforts towards Atmanirbhar Bharat and ‘Make in India’ programme. It will facilitate more participation by domestic market players in the exchange traded deliverable bullion commodity derivatives.
Ravi Varanasi, Chief Business Development Officer, NSE, said the new guidelines offers a fair chance to Indian refiners adhering to the BIS notified standards to be a part of the exchange settlement framework.
The NSE has also laid down detailed guidelines for empanelment of refiners (both quantitative and qualitative), compliance requirements, technical evaluation, process and sourcing audits including a fallback mechanism.
NSE to accept gold bars produced by Indian refiners for settlement of gold futures contract
Financial Express
NSE to accept gold bars produced by Indian refiners for settlement of gold futures contract
"The NSE Refiner Standards for BIS? Standard Gold would enable the acceptance of gold bars produced by the domestic refiners in India, for settlement of the gold futures contracts traded on the NSE platform," the exchange said in a statement
10 July 2020
Leading stock exchange NSE on Friday said it will accept gold bars produced by the domestic refiners for settlement of the gold futures contracts traded on its platform. For this, the exchange launched NSE Refiner Standards (NRS) for BIS – Standard Gold- which will be effective from Friday, July 10.
“The NSE Refiner Standards for BIS Standard Gold would enable the acceptance of gold bars produced by the domestic refiners in India, for settlement of the gold futures contracts traded on the NSE platform,” the exchange said in a statement.
Until Thursday, NSE accepted serially numbered gold bars produced by London Bullion Market Association (LBMA) approved refiners for settlement of the gold contracts traded on the commodity derivatives segment of the exchange.
The introduction of NRS for BIS Standard Gold- will facilitate greater participation from the domestic market players in the exchange traded deliverable bullion commodity derivatives by widening the scope of acceptable bullion commodity for delivery on the platform, the National Stock Exchange (NSE) said.
This in turn will be helpful in deepening the market and facilitate the overall development of physical settlement framework in Indian commodity derivatives market, it added. “With the launch of NRS for BIS Standard Gold, NSE aims to offer a fair chance to the Indian refiners, adhering to the BIS notified standards, to be a part of the exchange settlement framework. This initiative demonstrates NSE’s vision and commitment towards inclusive growth of all market participants,” said Ravi Varanasi, Chief Business Development Officer at NSE.
The move is aimed at enhancing the effectiveness of the physical settlement framework for the commodity derivatives contracts in the country by including the Indian refiners in the exchange settlement framework.
It will also help widen the array of acceptable gold which can be provided by the members for the physical settlement of gold contracts traded on the commodity derivatives segment of NSE.
By way of these standards, the exchange has laid down detailed guidelines for criteria for empanelment, both quantitative and qualitative; compliance requirements; technical evaluation; process and sourcing audits including a fallback mechanism. NSE had launched its commodities derivatives platform during 2018-19.
NSE to accept gold bars produced by Indian refiners for settlement of gold futures contract
Money Control
NSE to accept gold bars produced by Indian refiners for settlement of gold futures contract
The introduction of NRS for BIS – Standard Gold- will facilitate greater participation from the domestic market players in the exchange traded deliverable bullion commodity derivatives by widening the scope of acceptable bullion commodity for delivery on the platform, the National Stock Exchange (NSE) said.
10 July 2020
Leading stock exchange NSE on July 10 said it will accept gold bars produced by the domestic refiners for settlement of the gold futures contracts traded on its platform. For this, the exchange launched NSE Refiner Standards (NRS) for BIS - Standard Gold- which will be effective from Friday, July 10.
"The NSE Refiner Standards for BIS – Standard Gold would enable the acceptance of gold bars produced by the domestic refiners in India, for settlement of the gold futures contracts traded on the NSE platform," the exchange said in a statement.
Until Thursday, NSE accepted serially numbered gold bars produced by London Bullion Market Association (LBMA) approved refiners for settlement of the gold contracts traded on the commodity derivatives segment of the exchange.
The introduction of NRS for BIS – Standard Gold- will facilitate greater participation from the domestic market players in the exchange traded deliverable bullion commodity derivatives by widening the scope of acceptable bullion commodity for delivery on the platform, the National Stock Exchange (NSE) said.
This in turn will be helpful in deepening the market and facilitate the overall development of physical settlement framework in Indian commodity derivatives market, it added.
"With the launch of NRS for BIS – Standard Gold, NSE aims to offer a fair chance to the Indian refiners, adhering to the BIS notified standards, to be a part of the exchange settlement framework. This initiative demonstrates NSE's vision and commitment towards inclusive growth of all market participants," said Ravi Varanasi, Chief Business Development Officer at NSE.
The move is aimed at enhancing the effectiveness of the physical settlement framework for the commodity derivatives contracts in the country by including the Indian refiners in the exchange settlement framework.
It will also help widen the array of acceptable gold which can be provided by the members for the physical settlement of gold contracts traded on the commodity derivatives segment of NSE.
By way of these standards, the exchange has laid down detailed guidelines for criteria for empanelment, both quantitative and qualitative; compliance requirements; technical evaluation; process and sourcing audits including a fallback mechanism. NSE had launched its commodities derivatives platform during 2018-19.
NSE to accept gold bars produced by Indian refiners for settlement of gold futures contract
The Hindu
NSE to accept gold bars produced by Indian refiners for settlement of gold futures contract
The exchange has liberalised rules to help deepen liquidity in Indian capital markets.
10 July 2020
Leading stock exchange NSE on Friday said it will accept gold bars produced by the domestic refiners for settlement of the gold futures contracts traded on its platform.
For this, the exchange launched NSE Refiner Standards (NRS) for BIS - Standard Gold- which will be effective from Friday, July 10.
“The NSE Refiner Standards for BIS — Standard Gold would enable the acceptance of gold bars produced by the domestic refiners in India, for settlement of the gold futures contracts traded on the NSE platform,” the exchange said in a statement.
Until Thursday, NSE accepted serially numbered gold bars produced by London Bullion Market Association (LBMA) approved refiners for settlement of the gold contracts traded on the commodity derivatives segment of the exchange.
The introduction of NRS for BIS — Standard Gold- will facilitate greater participation from the domestic market players in the exchange traded deliverable bullion commodity derivatives by widening the scope of acceptable bullion commodity for delivery on the platform, the National Stock Exchange (NSE) said.
This in turn will be helpful in deepening the market and facilitate the overall development of physical settlement framework in Indian commodity derivatives market, it added.
“With the launch of NRS for BIS — Standard Gold, NSE aims to offer a fair chance to the Indian refiners, adhering to the BIS notified standards, to be a part of the exchange settlement framework. This initiative demonstrates NSE’s vision and commitment towards inclusive growth of all market participants,” said Ravi Varanasi, Chief Business Development Officer at NSE.
The move is aimed at enhancing the effectiveness of the physical settlement framework for the commodity derivatives contracts in the country by including the Indian refiners in the exchange settlement framework."
NSE to accept gold bars produced by Indian refiners to settle gold futures contract
Hindustan Times
NSE to accept gold bars produced by Indian refiners to settle gold futures contract
“This initiative demonstrates NSE’s vision and commitment towards inclusive growth of all market participants,” said Ravi Varanasi, Chief Business Development Officer at NSE.
10 July 2020
Leading stock exchange NSE on Friday said it will accept gold bars produced by the domestic refiners for settlement of the gold futures contracts traded on its platform.
For this, the exchange launched NSE Refiner Standards (NRS) for BIS - Standard Gold- which will be effective from Friday, July 10.
“The NSE Refiner Standards for BIS – Standard Gold would enable the acceptance of gold bars produced by the domestic refiners in India, for settlement of the gold futures contracts traded on the NSE platform,” the exchange said in a statement. Until Thursday, NSE accepted serially numbered gold bars produced by London Bullion Market Association (LBMA) approved refiners for settlement of the gold contracts traded on the commodity derivatives segment of the exchange.
The introduction of NRS for BIS – Standard Gold- will facilitate greater participation from the domestic market players in the exchange traded deliverable bullion commodity derivatives by widening the scope of acceptable bullion commodity for delivery on the platform, the National Stock Exchange (NSE) said.
This in turn will be helpful in deepening the market and facilitate the overall development of physical settlement framework in Indian commodity derivatives market, it added.
“With the launch of NRS for BIS – Standard Gold, NSE aims to offer a fair chance to the Indian refiners, adhering to the BIS notified standards, to be a part of the exchange settlement framework. This initiative demonstrates NSE’s vision and commitment towards inclusive growth of all market participants,” said Ravi Varanasi, Chief Business Development Officer at NSE.
The move is aimed at enhancing the effectiveness of the physical settlement framework for the commodity derivatives contracts in the country by including the Indian refiners in the exchange settlement framework.
It will also help widen the array of acceptable gold which can be provided by the members for the physical settlement of gold contracts traded on the commodity derivatives segment of NSE.
By way of these standards, the exchange has laid down detailed guidelines for criteria for empanelment, both quantitative and qualitative; compliance requirements; technical evaluation; process and sourcing audits including a fallback mechanism. NSE had launched its commodities derivatives platform during 2018-19.
NSE to accept gold bars produced by Indian refiners for settlement of gold futures contract
New Indian Express
NSE to accept gold bars produced by Indian refiners for settlement of gold futures contract
The move is aimed at enhancing the effectiveness of the physical settlement framework for the commodity derivatives contracts in the country.
10 July 2020
Leading stock exchange NSE on Friday said it will accept gold bars produced by the domestic refiners for settlement of the gold futures contracts traded on its platform.
For this, the exchange launched NSE Refiner Standards (NRS) for BIS - Standard Gold- which will be effective from Friday, July 10.
"The NSE Refiner Standards for BIS Standard Gold would enable the acceptance of gold bars produced by the domestic refiners in India, for settlement of the gold futures contracts traded on the NSE platform," the exchange said in a statement.
Until Thursday, NSE accepted serially numbered gold bars produced by London Bullion Market Association (LBMA) approved refiners for settlement of the gold contracts traded on the commodity derivatives segment of the exchange.
The introduction of NRS for BIS Standard Gold- will facilitate greater participation from the domestic market players in the exchange traded deliverable bullion commodity derivatives by widening the scope of acceptable bullion commodity for delivery on the platform, the National Stock Exchange (NSE) said.
This in turn will be helpful in deepening the market and facilitate the overall development of physical settlement framework in Indian commodity derivatives market, it added.
"With the launch of NRS for BIS Standard Gold, NSE aims to offer a fair chance to the Indian refiners, adhering to the BIS notified standards, to be a part of the exchange settlement framework.
"This initiative demonstrates NSE's vision and commitment towards inclusive growth of all market participants," said Ravi Varanasi, Chief Business Development Officer at NSE.
The move is aimed at enhancing the effectiveness of the physical settlement framework for the commodity derivatives contracts in the country by including the Indian refiners in the exchange settlement framework.
It will also help widen the array of acceptable gold which can be provided by the members for the physical settlement of gold contracts traded on the commodity derivatives segment of NSE.
By way of these standards, the exchange has laid down detailed guidelines for criteria for empanelment, both quantitative and qualitative; compliance requirements; technical evaluation; process and sourcing audits including a fallback mechanism.
NSE had launched its commodities derivatives platform during 2018-19.
NSE to accept gold bars produced by Indian refiners for settlement of gold futures contract
CNBC TV18
NSE to accept gold bars produced by Indian refiners for settlement of gold futures contract
10 July 2020
Leading stock exchange NSE on Friday said it will accept gold bars produced by the domestic refiners for settlement of the gold futures contracts traded on its platform.
For this, the exchange launched NSE Refiner Standards (NRS) for BIS - Standard Gold- which will be effective from Friday, July 10. "The NSE Refiner Standards for BIS Standard Gold would enable the acceptance of gold bars produced by the domestic refiners in India, for settlement of the gold futures contracts traded on the NSE platform," the exchange said in a statement.
Until Thursday, NSE accepted serially numbered gold bars produced by London Bullion Market Association (LBMA) approved refiners for settlement of the gold contracts traded on the commodity derivatives segment of the exchange.
The introduction of NRS for BIS Standard Gold- will facilitate greater participation from the domestic market players in the exchange traded deliverable bullion commodity derivatives by widening the scope of acceptable bullion commodity for delivery on the platform, the National Stock Exchange (NSE) said.
This in turn will be helpful in deepening the market and facilitate the overall development of physical settlement framework in Indian commodity derivatives market, it added.
"With the launch of NRS for BIS Standard Gold, NSE aims to offer a fair chance to the Indian refiners, adhering to the BIS notified standards, to be a part of the exchange settlement framework. This initiative demonstrates NSE's vision and commitment towards inclusive growth of all market participants," said Ravi Varanasi, Chief Business Development Officer at NSE.
The move is aimed at enhancing the effectiveness of the physical settlement framework for the commodity derivatives contracts in the country by including the Indian refiners in the exchange settlement framework.
It will also help widen the array of acceptable gold which can be provided by the members for the physical settlement of gold contracts traded on the commodity derivatives segment of NSE.
By way of these standards, the exchange has laid down detailed guidelines for criteria for empanelment, both quantitative and qualitative; compliance requirements; technical evaluation; process and sourcing audits including a fallback mechanism. NSE had launched its commodities derivatives platform during 2018-19.
NSE to accept Gold Bars produced by Indian Refiners from July 10
India Infoline
NSE to accept Gold Bars produced by Indian Refiners from July 10
The NSE Refiner Standards for BIS – Standard Gold would enable the acceptance of gold bars produced by the domestic refiners in India, for settlement of the gold futures contracts traded on the NSE platform.
10 July 2020
National Stock Exchange of India Ltd (NSE), the leading stock exchange in India, today announced the launch of NSE Refiner Standards (NRS) for BIS – Standard Gold.
The NSE Refiner Standards for BIS – Standard Gold would enable the acceptance of gold bars produced by the domestic refiners in India, for settlement of the gold futures contracts traded on the NSE platform.
The NSE Refiner Standards for BIS – Standard Gold shall be effective from Friday, July 10, 2020.
Until yesterday, NSE accepted serially numbered gold bars produced by London Bullion Market Association (LBMA) approved refiners for settlement of the gold contracts traded on the commodity derivatives segment of NSE.
However, taking into account the fact that there are several Indian refiners having capabilities of producing the gold bars as per Bureau of Indian standard (BIS) notified standards - IS 17278: 2019, it has been decided by the exchange to accept gold bars produced by specified Indian refiners adhering to the above BIS notified standards.
This initiative is in line with the government's efforts to transition to Atma Nirbhar Bharat, there by encouraging ‘Make in India’ program.
The introduction of NRS for BIS – Standard Gold by NSE shall facilitate greater participation from the domestic market players in the exchange traded deliverable bullion commodity derivatives by widening the scope of acceptable bullion commodity for delivery on NSE platform.
This in turn shall be helpful in deepening the market and facilitate the overall development of physical settlement framework in Indian commodity derivatives market.
Mr. Ravi Varanasi, Chief Business Development Officer, NSE said, “With the launch of NRS for BIS – Standard Gold, NSE aims to offer a fair chance to the Indian refiners, adhering to the BIS notified standards, to be a part of the exchange settlement framework. This initiative demonstrates NSE’s vision and commitment towards inclusive growth of all market participants.”
NSE Refiner Standards (NRS) for BIS – Standard Gold is aimed at enhancing the effectiveness of the physical settlement framework for the commodity derivatives contracts in India by including the Indian refiners in the exchange settlement framework.
It shall also facilitate in widening the array of acceptable gold which can be provided by the members for the physical settlement of gold contracts traded on the commodity derivatives segment of NSE.
Till this point of time serially numbered gold bars produced by only the London Bullion Market Association (LBMA) approved refiners have been accepted for settlement of the gold contracts traded on the commodity derivatives segment of NSE.
However, with this initiative, NSE acknowledges the fact that there are several Indian refiners having capabilities of producing the gold bars as per Bureau of Indian standard (BIS) notified standards - IS 17278: 2019.
By way of these standards, NSE has laid down detailed guidelines for criteria for empanelment, both quantitative and qualitative; compliance requirements; technical evaluation; process and sourcing audits including a fallback mechanism.
NSE launched its commodities derivatives platform during 2018-19 thereby giving the trading community the complete NSE advantage to trade and clear multiple asset classes at one single location leading to capital efficiency.
NSE launches NSE refiner standards for BIS- Standard Gold
Doordarshan
NSE launches NSE refiner standards for BIS- Standard Gold
10 July 2020
National Stock Exchange of India Ltd today announced the launch of NSE Refiner Standards (NRS) for BIS – Standard Gold.
The NSE Refiner Standards for BIS – Standard Gold would enable the acceptance of gold bars produced by the domestic refiners in India, for settlement of the gold futures contracts traded on the NSE platform.
The NSE Refiner Standards for BIS – Standard Gold shall be effective from Friday, July 10, 2020.
This initiative is in line with the government's efforts to transition to Atma Nirbhar Bharat, there by encouraging ‘Make in India’ program.
The introduction of NRS for BIS – Standard Gold by NSE shall facilitate greater participation from the domestic market players in the exchange traded deliverable bullion commodity derivatives by widening the scope of acceptable bullion commodity for delivery on NSE platform.
NSE to accept gold bars produced by Indian refiners for settlement of gold futures contract
Dainik Jagran
NSE to accept gold bars produced by Indian refiners for settlement of gold futures contract
10 July 2020
Meanwhile, the National Stock Exchange (NSE) on Friday announced that it will accept gold bars produced by the domestic refiners for settlement of the gold futures contracts traded on its platform.
In a statement, NSE said that it aims to offer a fair chance to the Indian refiners, adhering to the BIS notified standards, to be a part of the exchange settlement framework and this initiative demonstrates NSE's vision and commitment towards inclusive growth of all market participants.
“The NSE Refiner Standards for BIS – Standard Gold would enable the acceptance of gold bars produced by the domestic refiners in India, for settlement of the gold futures contracts traded on the NSE platform,” it said, as reported by news agency PTI.
NSE to accept gold bars produced by Indian refiners for settlement of gold futures contract
Devidscourse
NSE to accept gold bars produced by Indian refiners for settlement of gold futures contract
The introduction of NRS for BIS – Standard Gold- will facilitate greater participation from the domestic market players in the exchange traded deliverable bullion commodity derivatives by widening the scope of acceptable bullion commodity for delivery on the platform, the National Stock Exchange (NSE) said.
10 July 2020
Leading stock exchange NSE on Friday said it will accept gold bars produced by the domestic refiners for settlement of the gold futures contracts traded on its platform
For this, the exchange launched NSE Refiner Standards (NRS) for BIS - Standard Gold- which will be effective from Friday, July 10
"The NSE Refiner Standards for BIS – Standard Gold would enable the acceptance of gold bars produced by the domestic refiners in India, for settlement of the gold futures contracts traded on the NSE platform," the exchange said in a statement. Until Thursday, NSE accepted serially numbered gold bars produced by London Bullion Market Association (LBMA) approved refiners for settlement of the gold contracts traded on the commodity derivatives segment of the exchange.
The introduction of NRS for BIS – Standard Gold- will facilitate greater participation from the domestic market players in the exchange traded deliverable bullion commodity derivatives by widening the scope of acceptable bullion commodity for delivery on the platform, the National Stock Exchange (NSE) said. This in turn will be helpful in deepening the market and facilitate the overall development of physical settlement framework in Indian commodity derivatives market, it added. "With the launch of NRS for BIS – Standard Gold, NSE aims to offer a fair chance to the Indian refiners, adhering to the BIS notified standards, to be a part of the exchange settlement framework.
This initiative demonstrates NSE's vision and commitment towards inclusive growth of all market participants," said Ravi Varanasi, Chief Business Development Officer at NSE. The move is aimed at enhancing the effectiveness of the physical settlement framework for the commodity derivatives contracts in the country by including the Indian refiners in the exchange settlement framework. It will also help widen the array of acceptable gold which can be provided by the members for the physical settlement of gold contracts traded on the commodity derivatives segment of NSE.
By way of these standards, the exchange has laid down detailed guidelines for criteria for empanelment, both quantitative and qualitative; compliance requirements; technical evaluation; process and sourcing audits including a fallback mechanism. NSE had launched its commodities derivatives platform during 2018-19.
NSE to accept gold bars produced by Indian refiners for settlement of gold futures contract
The Hawk
NSE to accept gold bars produced by Indian refiners for settlement of gold futures contract
10 July 2020
Leading stock exchange NSE on Friday said it will accept gold bars produced by the domestic refiners for settlement of the gold futures contracts traded on its platform. For this, the exchange launched NSE Refiner Standards (NRS) for BIS - Standard Gold- which will be effective from Friday, July 10. "The NSE Refiner Standards for BIS – Standard Gold would enable the acceptance of gold bars produced by the domestic refiners in India, for settlement of the gold futures contracts traded on the NSE platform," the exchange said in a statement.
Until Thursday, NSE accepted serially numbered gold bars produced by London Bullion Market Association (LBMA) approved refiners for settlement of the gold contracts traded on the commodity derivatives segment of the exchange. The introduction of NRS for BIS – Standard Gold- will facilitate greater participation from the domestic market players in the exchange traded deliverable bullion commodity derivatives by widening the scope of acceptable bullion commodity for delivery on the platform, the National Stock Exchange (NSE) said.
This in turn will be helpful in deepening the market and facilitate the overall development of physical settlement framework in Indian commodity derivatives market, it added. "With the launch of NRS for BIS – Standard Gold, NSE aims to offer a fair chance to the Indian refiners, adhering to the BIS notified standards, to be a part of the exchange settlement framework. This initiative demonstrates NSE''s vision and commitment towards inclusive growth of all market participants," said Ravi Varanasi, Chief Business Development Officer at NSE. The move is aimed at enhancing the effectiveness of the physical settlement framework for the commodity derivatives contracts in the country by including the Indian refiners in the exchange settlement framework. It will also help widen the array of acceptable gold which can be provided by the members for the physical settlement of gold contracts traded on the commodity derivatives segment of NSE. By way of these standards, the exchange has laid down detailed guidelines for criteria for empanelment, both quantitative and qualitative; compliance requirements; technical evaluation; process and sourcing audits including a fallback mechanism. NSE had launched its commodities derivatives platform during 2018-19.
India-made gold bars to be used for futures contracts at NSE
India Daily Mail
India-made gold bars to be used for futures contracts at NSE
11 July 2020
National Stock Exchange of India (NSE) on Friday announced the launch of NSE Refiner Standards (NRS) for Bureau of Indian Standard (BIS) standard gold. This will enable the acceptance of gold bars produced by the domestic refiners in India for settlement of the gold futures contracts traded on the NSE platform.
“There are more than 22 BIS approved refineries in the country. One of them is also approved by London Bullion Market Association (LBMA). Six refiners are in the process of completing their agreements and deposit formalities with us. We will announce their names next week,” Ravi Varanasi, chief business development officer, NSE, told ET.
NSE Refiner Standards for BIS standard gold will be effective from Friday, July 10, 2020.
“With the launch of NRS for BIS standard gold, NSE aims to offer a fair chance to the Indian refiners, adhering to the BIS notified standards, to be a part of the exchange settlement framework. This initiative demonstrates NSE’s vision and commitment towards inclusive growth of all market participants,” Varanasi said.
James Jose, managing director of Chemmanur Gold Refinery and secretary of the Association of Refineries & Mints said: “The move will enable the gold trade to gradually substitute bullion imports with gold refined in India.” Gold dore (impure gold), which mostly comes from African nations, is refined by Indian refineries.
NSE will also accept gold bars of domestic refining units for settlement of gold futures
News Bust
NSE will also accept gold bars of domestic refining units for settlement of gold futures
From today onwards NSE will also accept gold bars of domestic refining units for settlement of gold futures
10 July 2020
The National Stock Exchange (NSE) on Friday launched NSE Refiner Standards (NRS) for BIS-Standard Gold. It will also allow it to accept gold bars produced by refining companies operating in India for settlement of gold futures traded on the NSE platform. The NRS for BIS-Standard Gold became effective from Friday 10 July 2020.
A statement issued by NSE said that by Thursday 9 July, NSE accepted gold bars with serial numbers produced by refining companies recognized by the London Bullion Market Association (LBMA) for settlement of gold contracts traded in the commodity derivatives segment. Used to do NSE felt that many refining units of the country could produce gold bars as per IS 17278: 2019 standard of Bureau of Indian Standards (BIS). The NSE then decided to accept the gold bars produced by scheduled Indian refining companies adhering to the EN standard.
NSE's move is in line with the self-sufficient India campaign
This move of the NSE is in line with the Government's Self-Reliant India Campaign and this promotes the Make in India program. This will increase the participation of domestic companies in exchange traded deliverable bullion commodity derivatives. This will expand the market and help develop the physical settlement framework in the Indian commodity derivatives market.
Indian refining companies will get equality opportunity
NSE's Chief Business Development Officer Ravi Varanasi said that by launching NRS for BIS standard, Indian refining companies complying with NSE BIS standards provide an equal opportunity to join the Exchange Settlement Framework. This reflects the thinking and commitment of NSE for inclusive growth of all market participants. The inclusion of Indian refining companies in the Exchange Settlement Framework will increase the dominance of the Physical Settlement Framework for the country's commodity derivatives contracts.
Launch of NSE Refiner Standards for BIS – Standard Gold that allows NSE to accept Gold Bars produced by Indian Refiners from July 10
Global Prime News
Launch of NSE Refiner Standards for BIS – Standard Gold that allows NSE to accept Gold Bars produced by Indian Refiners from July 10
10 July 2020
National Stock Exchange of India Ltd (NSE), the leading stock exchange in India, today announced the launch of NSE Refiner Standards (NRS) for BIS – Standard Gold.
The NSE Refiner Standards for BIS – Standard Gold would enable the acceptance of gold bars produced by the domestic refiners in India, for settlement of the gold futures contracts traded on the NSE platform.
The NSE Refiner Standards for BIS – Standard Gold shall be effective from Friday, July 10, 2020.
Until yesterday, NSE accepted serially numbered gold bars produced by London Bullion Market Association (LBMA) approved refiners for settlement of the gold contracts traded on the commodity derivatives segment of NSE.
However, taking into account the fact that there are several Indian refiners having capabilities of producing the gold bars as per Bureau of Indian standard (BIS) notified standards – IS 17278: 2019, it has been decided by the exchange to accept gold bars produced by specified Indian refiners adhering to the above BIS notified standards.
This initiative is in line with the government’s efforts to transition to Atma Nirbhar Bharat, there by encouraging ‘Make in India’ program.
The introduction of NRS for BIS – Standard Gold by NSE shall facilitate greater participation from the domestic market players in the exchange traded deliverable bullion commodity derivatives by widening the scope of acceptable bullion commodity for delivery on NSE platform.
This in turn shall be helpful in deepening the market and facilitate the overall development of physical settlement framework in Indian commodity derivatives market.
Mr. Ravi Varanasi, Chief Business Development Officer, NSE said, “With the launch of NRS for BIS – Standard Gold, NSE aims to offer a fair chance to the Indian refiners, adhering to the BIS notified standards, to be a part of the exchange settlement framework. This initiative demonstrates NSE’s vision and commitment towards inclusive growth of all market participants.”
NSE Refiner Standards (NRS) for BIS – Standard Gold is aimed at enhancing the effectiveness of the physical settlement framework for the commodity derivatives contracts in India by including the Indian refiners in the exchange settlement framework.
It shall also facilitate in widening the array of acceptable gold which can be provided by the members for the physical settlement of gold contracts traded on the commodity derivatives segment of NSE.
Till this point of time serially numbered gold bars produced by only the London Bullion Market Association (LBMA) approved refiners have been accepted for settlement of the gold contracts traded on the commodity derivatives segment of NSE.
However, with this initiative, NSE acknowledges the fact that there are several Indian refiners having capabilities of producing the gold bars as per Bureau of Indian standard (BIS) notified standards – IS 17278: 2019.
By way of these standards, NSE has laid down detailed guidelines for criteria for empanelment, both quantitative and qualitative; compliance requirements; technical evaluation; process and sourcing audits including a fallback mechanism.
NSE launched its commodities derivatives platform during 2018-19 thereby giving the trading community the complete NSE advantage to trade and clear multiple asset classes at one single location leading to capital efficiency
NSE to accept gold bars produced by Indian refiners to settle gold futures contract
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NSE to accept gold bars produced by Indian refiners to settle gold futures contract
10 July 2020
Leading inventory trade NSE on Friday stated it can accept gold bars produced by the home refiners for settlement of the gold futures contracts traded on its platform.
For this, the trade launched NSE Refiner Standards (NRS) for BIS – Standard Gold- which will likely be efficient from Friday, July 10.
“The NSE Refiner Standards for BIS – Standard Gold would enable the acceptance of gold bars produced by the domestic refiners in India, for settlement of the gold futures contracts traded on the NSE platform,” the trade stated in a press release. Until Thursday, NSE accepted serially numbered gold bars produced by London Bullion Market Association (LBMA) authorised refiners for settlement of the gold contracts traded on the commodity derivatives section of the trade.
The introduction of NRS for BIS – Standard Gold- will facilitate better participation from the home market gamers within the trade traded deliverable bullion commodity derivatives by widening the scope of acceptable bullion commodity for supply on the platform, the National Stock Exchange (NSE) stated.
This in flip will likely be useful in deepening the market and facilitate the general improvement of bodily settlement framework in Indian commodity derivatives market, it added.
“With the launch of NRS for BIS – Standard Gold, NSE aims to offer a fair chance to the Indian refiners, adhering to the BIS notified standards, to be a part of the exchange settlement framework. This initiative demonstrates NSE’s vision and commitment towards inclusive growth of all market participants,” stated Ravi Varanasi, Chief Business Development Officer at NSE.
The transfer is geared toward enhancing the effectiveness of the bodily settlement framework for the commodity derivatives contracts within the nation by together with the Indian refiners within the trade settlement framework.
It may also assist widen the array of acceptable gold which could be offered by the members for the bodily settlement of gold contracts traded on the commodity derivatives section of NSE.
By approach of those requirements, the trade has laid down detailed pointers for standards for empanelment, each quantitative and qualitative; compliance necessities; technical analysis; course of and sourcing audits together with a fallback mechanism. NSE had launched its commodities derivatives platform throughout 2018-19.
Updated on: 16/09/2022
