CS Professional · IFSCA - Regulations, Listing and Compliances · India International Bullion Exchange (IIBX)
Suvarna Jewels Pvt Ltd, a Mumbai jeweller, wishes to import gold through the India International Bullion Exchange (IIBX) at GIFT IFSC rather than through nominated agencies. Which description best captures the role of IIBX in this arrangement?
IIBX is a bullion exchange located in GIFT IFSC and regulated by IFSCA. It provides a platform for trading bullion and bullion depository receipts, allowing importers like jewellers to source gold through the exchange rather than only through traditional nominated agencies.
- AIt is a platform in IFSC for trading of bullion and bullion depository receipts, regulated by IFSCACorrect
- BIt is a retail exchange regulated by RBI for physical gold coin sales in India
- CIt is a commodity derivatives exchange regulated by SEBI for futures on gold only
- DIt is a government mint that refines and hallmarks gold for domestic jewellers
Explanation
IIBX is the bullion exchange in GIFT IFSC regulated by IFSCA. It facilitates trading in bullion and bullion depository receipts and helps import of gold through a transparent exchange platform. The SEBI futures and RBI retail options mis-identify the regulator and function.
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