Prime Minister Narendra Modi will visit India’s maiden International Financial Services Centre (IFSC) – GIFT City – on Friday, July 29 to lay the foundation stone of the Headquarters Building of the International Financial Services Centres Authority (IFSCA).
The building of IFSCA has been conceptualised as an iconic structure, reflective of the growing prominence and stature of GIFT-IFSC as a leading International Financial Centre. IFSCA is the unified regulator for the development and regulation of financial products, financial services and financial institutions in IFSCs in India.
India International Bullion Exchange
During this visit, PM Modi will also launch India’s first International Bullion Exchange – India International Bullion Exchange (IIBX). This will facilitate efficient price discovery with the assurance of responsible sourcing and quality, apart from giving impetus to the financialisation of gold in India.
IIBX shall empower India to gain its rightful place in the global bullion market and serve the global value chain with integrity and quality.
SGX Connect
Along with IIBX, the PM will also launch NSE IFSC-SGX Connect. Under this Connect, all orders on NIFTY derivatives placed by members of Singapore Exchange Limited (SGX) will be routed to and matched on the NSE-IFSC order matching and trading platform.
This 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. Broker-Dealers from India and across international jurisdictions are expected to participate in large numbers for trading derivatives through the Connect.
PM Narendra Modi will also make a slew of other key announcements during his visit to GIFT City.
Earlier in March this year, IT giant TCS-led TCS BaNCS was selected by the SGX to power the NSE IFSC-SGX Connect (Gift Connect), its program to connect to NSE IFSC. SGX picked TCS BaNCS for its multi-broker, low latency capabilities, to serve as the end-to-end solution for its trading, clearing, settlement, and risk management operations.
