India International Bullion Exchange (IIBX)
Introduction
- IIBX stands for India International Bullion Exchange. It is India’s first bullion exchange. It was launched by the honourable prime minister Mr Narendra Modi on 29th July 2022. It was launched in GIFT city. IIBX will look after the price discovery of gold in India. Bullion refers to the high purity of gold which is kept in form of bars. It is often held as the reserve in central banks. International Financial Services Centre Authority (IFSCA) regulates IIBX.
The Head Of IIBX
- Mr. Ashok Kumar Gautam is the first Managing Director and also the CEO of IIBX. He is a B.SC in Statistics and Mathematics and MBA in finance. He was also the secretary for Forex Association, India. Also, a member of the Finance and Banking committee, Indian Merchants Chambers. He was also the head of the first Central Treasury of the Bank in Hong Kong.
Other Managing Members
- Neeraj Gupta – Chief Technical Officer
- Kirty Pareek – Company Secretary
- Mithilesh Brahmbhatt – Chief Financial Officer
The Inaugurations
- IIBX was inaugurated by Mr. Narendra Modi at GIFT City (Gujarat Inauguration Tec-City). It was attended by the Chief Minister of Gujarat – Bhupendra Patel, Union Minister of Finance and Corporate Affairs – Nirmala Sitharaman, and Union Minister of State for Finance Pankaj Chaudhary.
Being A Qualified Jeweller
- IIBX has enrolled professional jewellers to set up an infrastructure for the storage of the gold. 56 qualified jewellers have been selected by IFSCA to import bullion. To become a qualified jeweller, one must have a minimum of 25 crores of net worth and 90% of average turnover in the last three financial years through deals in precious metals.
What Is The Advantage Of IIBX?
- IIBX will provide a gateway for bullion imports in India and a trading avenue for participants. It will also help save commissions as the jewellers can directly buy gold from international dealers without the involvement of the banks.
Top 13 Interesting Facts About IIBX
Full form of IIBX is Indian International Bullion Exchange.
IIBX enables jewellers to surpass banks and directly buy gold.
IIBX is jointly owned by NSE, MCX, NSDL, and CDSL.
It was launched on 29th July 2022.
IFSCA is the regulator of IIBX.
CEO and MD of IIBX, Mr Ashok Gautam worked with IDBI Bank before this.
1 kg Gold with 995 purity will be traded with a settlement period of T+ 0 years.
GIFT stands for Gujarat Inauguration Tec-City.
IFSCA was established on 27th April 2020.
IIBX is India’s first International Exchange.
India’s bullion market is the second largest in terms of consumption.
Nirmala Sitharaman announced the setting up of IIBX in the Union Budget 2020-21.
It is expected to bring a transparent platform for all participants in the trading.
