The Indian International Bullion Exchange (IIBX) operating in Gift City in Gujarat has been permitted to extend trading hours for spot contracts by three hours. The move is expected to translate into increased volumes and “optimal and timely utilisation of bullion and funds”, official sources said on Wednesday.
The International Financial Services Centres Authority (IFSCA), the unified regulator in Gift City, also dispensed with the net worth requirements for all classes of “customers” eligible to trade or invest on the IIBX. This move is expected to broaden the participation across various products offered on IIBX.
“Thanks to IFSCA these initiatives shall go a long way in bringing more vibrancy to the IIBX ecosystem with extended hours for T+0 contracts till 9.30 PM, “ Ashok Gautam, MD &CEO of IIBX told businessline. “This initiative allows both buyers and sellers to complete their trades the same day and also take advantage of evening price movements,” he added.
“The other point regarding Networth will also encourage a large number of investors to start exploring BDR backed by gold or silver as an investment product. Focus will be on NRIs and other overseas investors. Indeed a welcome development on Akshay Tritiya,” said Gautam.
The revised trading hours on IIBX for these contracts shall be 9 AM to 9:30 PM from the date of notification. “The extended trading hours are expected to significantly benefit the bullion market ecosystem by enabling qualified suppliers to place sell orders and qualified jewellers/valid India-UAE CEPA TRQ holders to place buy orders on the same day of creation of Bullion Depository Receipts (BDRs) and receipt of funds, respectively, even when such creation and receipt take place late in the evening. This will result in the optimal and timely utilization of bullion and funds, enhancing the cost-effectiveness of trading of bullion through the IIBX,” IFSCA said in a statement.
IIBX was inaugurated by Narendra Modi on July 29, 2022. Since its inauguration, more than 101 tonnes of gold and 1,100 tonnes of silver have been imported through the IIBX. IFSCA recently notified the IFSCA (Bullion Market Regulations), 2025, aimed at improving price discovery, streamlining operations, enhancing participation, governance and safeguarding consumer interests in the bullion ecosystem within the IFSC.
Apart from extended trading hours, IFSCA also dispensed with the net worth requirements for various classes of ‘Customers’ eligible to trade/invest on the IIBX, with the exception of Qualified Jewellers/Qualified Suppliers for whom eligibility criteria has been prescribed separately.
“This will broad base participation across various products offered on IIBX. This will also remove entry barriers and make it easier to access the investment products proposed to be offered by IIBX in near future, thus, encouraging prospective participants, including retail investors, to choose IIBX for their bullion and bullion-related investments,” IFSCA added.
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Published on April 30, 2025
