Prime Minister Shri Narendra Modi laid the foundation stone of the headquarters building of the International Financial Services Centres Authority (IFSCA) in GIFT City, Gandhinagar.
- He also launched the India International Bullion Exchange (IIBX), India’s first International Bullion Exchange in GIFT-IFSC.
- He also launched the NSE IFSC-SGX Connect.
About GIFT city (Gujarat International Finance Tec-City)
- GIFT city (Gujarat International Finance Tec-City) was envisaged as an integrated hub for financial and technology services not just for India but for the world.
- IFSCA is the unified regulator for the development and regulation of financial products, financial services and financial institutions in International Financial Services Centres (IFSCs) in India.
- The building has been conceptualised as an iconic structure, reflective of the growing prominence and stature of GIFT-IFSC as a leading International Financial Centre.
About IIBX
- IIBX will facilitate efficient price discovery with the assurance of responsible sourcing and quality, apart from giving impetus to the financialisation of gold in India.
- It will empower India to gain its rightful place in the global bullion market and serve the global value chain with integrity and quality.
- IIBX also re-enforces the commitment of the Government of India towards enabling India to be able to influence global bullion prices as a principal consumer.
About NSE IFSC-SGX
- NSE IFSC-SGX Connect is a framework between NSE’s subsidiary in the GIFT International Financial Services Centre (IFSC) and Singapore Exchange Limited (SGX).
- Under Connect, all orders on NIFTY derivatives placed by members of Singapore Exchange will be routed to and matched on the NSE-IFSC order matching and trading platform.
- Broker-Dealers from India and across international jurisdictions are expected to participate in large numbers for trading derivatives through Connect.
- It will deepen liquidity in derivative markets at GIFT-IFSC, bringing in more international participants and creating a positive impact on the financial ecosystem in the GIFT-IFSC.
