The State Bank of India (SBI) on May 13 announced that it has secured the distinction of being the first bank to become a trading-cum-clearing (TCM) Member of India International Bullion Exchange ( IIBX) at the GIFT City in Gujarat.
- This step enables SBI IBU Gift City to conduct trades on the IIBX platform and settle them on behalf of its clients.
- The entry of India’s largest bank into the field as a TCM is poised to boost trading volumes at IIBX.
About India International Bullion Exchange
- India International Bullion Exchange IFSC Limited (IIBX) was launched by the Prime Minister of India on 29th of July 2022.
- IIBX is promoted by India’s leading market infrastructure institutions like NSE, INDIA INX (subsidiary of BSE), NSDL, CDSL and MCX.
- IIBX is established at GIFT IFSC, Gandhinagar, Gujarat, India. IIBX is regulated by International Financial Services Centres Authority (IFSCA).
- IIBX has been conceptualised to provide a gateway to import bullion into India and provide world class bullion exchange ecosystem to promote bullion trading, investment in bullion financial products and vaulting facilities in IFSCs.
- IIBX enables trading in bullion which adhere to OECD Due Diligence Guidance for Responsible Supply chain of Minerals from Conflict Affected and High-Risk Areas for establishing supply chain integrity.
- For the first time, an Indian resident Jeweller (Qualified Jeweller – QJ) can import bullion directly into India through IIBX by being a Client or a Limited Purpose Trading Member of IIBX.
- Bullion is kept in the vaults authorised by International Financial Services Centres Authority (IFSCA) and empanelled by India International Depository IFSC Limited (IIDI).
- Bullion on IIBX is traded in the form of Bullion Depository Receipts (BDRs). Demat account is required to be opened with the IIDI where BDRs will be credited.
