Shri Narendra Modi will visit Gujarat International Finance Tec-City (GIFT City), India’s first IFSC on 29 July 2022.
During his visit, the Prime Minister will lay the foundation stone for the International Financial Services Centres Authority (IFSCA), the regulator for financial products, financial services, and financial institutions in International Financial Services Centres (IFSCs). In recognition of the growing prominence and stature of GIFT-IFSC as a leading international financial centre, IFSCA’s headquarters building has been designed as an iconic structure.
Pilot Launch of International Bullion Exchange – The Gateway for Bullion Imports
The Prime Minister will launch India International Bullion Exchange (IIBX), India’s first international bullion exchange. IIBX will facilitate efficient price discovery with the assurance of responsible sourcing and quality, apart from giving impetus to the financialization of gold in India. As a result, India will be able to take its rightful place in the global bullion market and serve the global value chain with integrity and quality. It also reaffirms India’s commitment to being able to influence global bullion prices as a principal consumer.
Also, the Prime Minister will launch NSE IFSC-SGX Connect. The NSE-IFSC order matching and trading platform will match all orders on NIFTY derivatives placed by members of Singapore Exchange Limited (SGX). GIFT-IFSC’s Connect program will deepen liquidity in derivative markets at GIFT-IFSC, bringing in more international participants and creating a positive impact on the financial ecosystem in GIFT-IFSC. The Connect is expected to attract a lot of brokers from India and across international jurisdictions.