India's bullion market is one of the largest in the world, the second largest in terms of consumption and holds an important position globally, but it lacks organization and structure. A bullion spot exchange is expected to address these challenges and eliminate market inefficiencies. As a prominent market, India has always aspired to be a price setter for the bullion.
Honorable Finance Minister Ms. Nirmala Sitharaman in the 2020 Union Budget gave a major boost to this aspiration by announcing the setting up of India International Bullion Exchange (IIBX) at International Financial Services Center (IFSC) at GIFT City in Gandhinagar, Gujarat.
Pursuant to Memorandum of Understanding between Central Depository Services (India) Limited (CDSL), India INX International Exchange (IFSC) Limited (INDIA INX), Multi Commodity Exchange of India Limited (MCX), National Securities Depository Limited (NSDL) & National Stock Exchange of India Limited (NSE) the holding company India International Bullion Holding IFSC Limited (IIBH) has been created for setting up and operationalizing India International Bullion Exchange, Bullion Clearing Corporation and Bullion Depository in IFSC, GIFT City. IIBH is setting up the Bullion Exchange through its subsidiary, India International Bullion Exchange IFSC Limited (IIBX), encompassing the Bullion Exchange and the Bullion Clearing Corporation.
