Page 30 - Bullion World Volume 02 Issue 08 August 2022

Bullion World | Volume 2 | Issue 08 | August 2022

So, we are adequately resourced. compliance-oriented businesses, going forward.
Issues to be focussed on – Ensure supply-side is If we are not ready, then it will be forced on the
working smoothly. Second, Even in QJ, consider stakeholders.
multiple options such as a client of a member or a
Limited purpose company. When Mr Jignesh Shah started MCX in 2003, it took
nearly three years of continuous efforts to build
Mr P R Somasundaram: Anshuman, what do you volume. So, the exchange ecosystem takes time to
think we should focus on?
grow and mature. However, when it comes to IIBX,
people want everything on day-1 only. It is not possible.
Mr Anshuman Sharma, Head
Precious Metals- Middle East If we stay on and work together, then things will
& India, StoneX: First, I would happen.
like to congratulate IIBX. From
an international perspective, One thing IIBX should focus on is minimum
we would love to work with compliance.
exchanges. It’s a great opportunity
for us. Having said this, a lot of Mr P R Somasundaram: Mahendran, what is the
infrastructures have to be enabled around IIBX. We way forward?
also need more visibility of the whole process.
Mr Mahendran K, Head-Precious
One issue that IIBX should focus on - enabling people Metals Business, Karur Vysya
to come on the platform.
Bank: Firstly, congratulations to
Mr Ashok for the historic event.
Mr P R Somasundaram: Sharad, you have put an
excellent vaulting at IIBX. How are you going to Everyone knows what needs to
make people aware of it? be done to make IIBX a success.
Bullion banks have been serving
Mr Sharad Jobanputra, the industry by importing tons of
Chairman, Sequel Global metal over the years and ensuring compliance. It is
Logistics: We have the largest heartening to hear from GM, and IFSCA that policy
vaults. We have also invested in on banks' participation in IIBX will be available within
keyless technology. At Rs 100 per the end of the year. Whenever it is ready, banks will
sqft for 18000 area my rentals are be ready to participate. Aside from looking at it as an
very high. Our monthly fixed cost alternative channel of imports, we can explore newer
is Rs. 25 lakhs. However, being the possibilities including the export of bullion.
market leader, we have to maintain competitive pricing.
Our vaulting charges in IIBX are at par with that of One thing IIBX should focus on is improving
what we charge in DTA. We have already moved a lot connectivity. This would expand the market.
of cargoes from that IIBX infrastructure.

Propose to have a customer-centric approach to Mr P R Somasundaram: Ravi, as an overseas
communicate the benefits to existing and new clients. supplier and a bullion bank, how do you see the
development?
Mr P R Somasundaram: Haresh, you have been
involved with this initiative for a long time. What is Mr Ravi Ramakrishnan, Head
your reading? Precious Metals Trading Asia,
J P Morgan: Congratulations to
Mr Haresh Acharya, Director, Ashok and his team for a great
Parker Precious Metals: What start yesterday. We are 100%
we saw yesterday at IIBX was supportive of the IIBX initiative.
the mindset of the government. It will help both sides. The key
PM’s vision for the industry is to to the market is liquidity. With
make it organised. Stakeholders the exchange in place, there is a strong chance of
should prepare their minds for both sides participating in large numbers and driving

30