NSE and IBJA to come together to set-up Domestic Bullion Spot Exchange
NSE, IBJA to launch bullion spot exchange soon, framework will cater to B2B
Business Standard
NSE, IBJA to launch bullion spot exchange soon, framework will cater to B2B
The proposed business framework shall cater to B2B segments of the industry and shall also play a pivotal role in integrating the value chain participants in the entire bullion ecosystem, says NSE
National Stock Exchange of India Ltd (NSE) on Saturday announced that the bourse and and India Bullion and Jewelers Association Ltd (IBJA) will soon launch the bullion spot exchange as per Sebi guidelines."India is the second largest consumer of gold, and it is first time that a domestic bullion spot exchange is being set up under the aegis of SEBI. This joint initiative by NSE and IBJA will not only offer the much-awaited platform to the industry players for the spot market bullion transactions but also act as a step in the direction of giving an opportunity to investors and consumers to directly participate on the exchange platform," said NSE in a statement.
The domestic bullion spot exchange shall ensure complete transparency in the bullion transactions executed on its platform. The proposed business framework shall cater to B2B segments of the industry and shall also play a pivotal role in integrating the value chain participants in the entire bullion ecosystem, the exchange said.
The shareholding shall have participation from NSE, IBJA and industry participants (refiners, bullion dealers, jewelers, banks, overseas suppliers, funds, FPIs, other MIIs etc.) as per regulatory norms.
Vikram Limaye, MD & CEO, NSE said: “We are happy to announce the Domestic Bullion Spot Exchange. This exchange shall bring in efficiency as well as transparency in the price discovery of bullion and at the same time offer confidence to the investors about the quality of metal being delivered through the exchange platform. We are also happy to be working with IBJA in this initiative and we are sure that with their expertise and large member base, we will be able to aid the overall development of the bullion spot market as well as witness significant participation from the market players.”
Prithviraj Kothari, National President, IBJA said: “We are happy to associate with NSE in setting up first of its kind Domestic Bullion Spot exchange in India. This exchange is conceptualized taking into consideration the industry requirements and shall integrate transactions of bullion dealers, jewelers, retailers and consumers on one single platform.”
Updated on: 07/02/2023
