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Bullion dealers, Bombay Stock Exchange agree on India's first physical gold exchange
BSE, Bullion Body Sign Agreement to Set Up India's First Physical Gold Exchange
From the Press Trust of India
via Daily News and Analysis, Mumbai
Saturday, December 12, 2015
MUMBAI, India -- A bullion association and premier bourse BSE (Bombay Stock Exchange) on Friday signed an agreement to set up the country's first physical gold exchange, providing a platform for transparency in trading of the precious metal in the world's top consumer.
A separate special purpose vehicle will be formed to establish the exchange, where India Bullion Jewellers Association and its constituents will hold a 70 percent share and BSE the remaining 30 percent, IBJA President Mohit Kamboj said in a release here.
BSE and IBJA have already approached Finance Ministry for necessary approvals.
There will be complete transparency if all trades of bankers, bullion merchants, and jewellers and buying and selling of gold are routed through this exchange, Kamboj said. ...
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