PM Modi to Visit GIFT International Financial Services Centre on
July 29, 2022
·
PM will lay the foundation stone of
the Headquarters Building of the International Financial Services Centres Authority (IFSCA)
·
To Launch India International Bullion
Exchange (IIBX), India’s First International Bullion Exchange in GIFT-IFSC
The Prime Minister, Narendra Modi, will visit Gujarat
International Finance Tec-City (GIFT City), India’s maiden International
Financial Services Centre (IFSC), on July 29, 2022.
The occasion will also be graced by Bhupendra
Patel, Chief Minister of Gujarat; Amit Shah, Union Minister of Home Affairs and
Co-operation: Smt. Nirmala Sitharaman, Union Minister
of Finance and Corporate Affairs; Union Ministers of State for Finance Pankaj
Chaudhary and Dr. Bhagwat Kishanrao Karad.
The Prime Minister, during his visit, will lay the
foundation stone of the Headquarters Building of the International Financial
Services Centres Authority (IFSCA), 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 headquarters 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.
The Prime Minister will launch India International
Bullion Exchange (IIBX), India’s first International Bullion Exchange in
GIFT-IFSC. 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. This shall empower India
to gain its rightful place in the global bullion market and serve the global
value chain with integrity and quality. This 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.
The Prime Minister 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. The said Connect 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.
Several other key announcements will also be made during
the visit of the Prime Minister.