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Published on: Wednesday, 08 May 2024 ● 2 Min Read
GANDHINAGAR, India, May 8, 2024 -- India International Exchange (IFSC) Limited (India INX), the first international exchange in India located within the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City), announces a big achievement. Today, one of India's top gold refineries, which brings in 15% to 20% of the country's gold, has started trading Gold Futures to hedge against gold price volatility. This shows that India INX is becoming the main place for Indian jewellers and gold importers to hedge against the risk in gold prices.
In December 2022, the Reserve Bank of India (RBI) allowed Indian companies (except individuals) to manage their gold price risk on recognized exchanges within the International Financial Services Centre (IFSC). This means Indian companies now have more options to hedge against volatility in gold prices through India INX.
About India INX:
India INX, a subsidiary of BSE Ltd, commenced its trading activities on January 16, 2017 and is India's first International Exchange set up at GIFT City. It is one of the world's most advanced technology platforms with a response time of 4 microseconds and operates for 22 hours a day to allow international investors to trade from anywhere across the globe. The exchange provides a common platform for all asset classes - equities, currencies, commodities. The exchange also offers a primary market platform for debt securities. India INX offers a diversified portfolio of products and technology services at a cost which is far more competitive to Indian exchanges as well as other global exchanges like those in Hong Kong Singapore, Dubai, London and New York. The exchange being located in IFSC, GIFT City, provides competitive advantage in terms of tax structure and supportive regulatory framework.
View original content:https://www.prnewswire.com/in/news-releases/india-international-exchange-at-gift-city-marks-milestone-with-launch-of-gold-futures-trading-by-leading-indian-refinery-302139709.html