Monday, June 12, 2017
High-level Committee, consisting of senior finance ministry officials and regulatory authorities of India will meet next week to discuss the creation of a gold exchange for spot contracts, the report said Bullion Bulletin.
Bombay Stock Exchange (Bombay Stock Exchange, BSE) and the Indian Association of gold and jewelers (India Bullion and Jewellers Association Ltd, IBJA) jointly launched trading platform. Organizations expect regulatory approval. In addition to the BSE, the exchange MCX and NCDEX have also made a presentation to officials of the Ministry of Finance officials to launch its own gold exchange.
While trade commodity futures in India is currently regulated by Sebi, for the regulation of trade in the spot does not exist. Currently, Zaveri Bazar in Mumbai and Sarrafa Bazar in Delhi is the largest wholesale market of gold for immediate delivery in India and act as centers providing data on prices.
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