SEATTLE (Scrap Monster): The National Stock Exchange (NSE) announced plans to set up a new domestic spot gold exchange. The move is aimed at bringing more efficiency and transparency to bullion pricing.
The proposed new gold exchange will be created by NSE by working in partnership with the India Bullion and Jewellers Association (IBJA)- the representative body of industry’s members. It will be overseen by the market regulator- the Securities and Exchange Board of India (SEBI). As per unofficial reports, IBJA and NSE are already engaged in advanced discussions with industry participants in finalizing the shareholder structure of the new exchange.
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According to Vikram Lamaye, CEO, NSE the gold exchange is expected to bring in efficiency and transparency in the price discovery of bullion. He reminded that China currently runs a similar exchange, which is responsible for purchases and sales of all domestically produced and imported gold bars.
In India, certain domestic banks are allowed to import gold, from where it reaches bullion dealers and then to retail customers. The gold demand in the country had totalled around 797 tonnes, according to data published by the World Gold Council (WGC), thereby making it the world’s second largest consumer of the yellow metal, after China.
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