Page 34 - Bullion World Volume 02 Issue 08 August 2022

Bullion World | Volume 2 | Issue 08 | August 2022

Discussion on Bullion Market and Trade post- exchange, as per the current regulation. We need to
Domestic Gold Spot Exchange find out how we can collaborate with other partners.
Banks have their strengths in financing and it will be
Moderator: Mr Harish Chopra, IGPC, IIMA relevant for the sector.

Panellists: Mr Harish Chopra: Deepak Ji, as a refiner what are
Mr Shivanshu Mehta, Head-Bullion, MCX the opportunities that you see?
Mr Kumar Parmani, President- Trade & Bullion, Yes
Bank Mr Deepak Gupta, CEO,
Mr Deepak Gupta, CEO, Kundan Group Kundan Group: We will get
Mr A S Sriram, President, Tamil Nadu Jewellers more opportunities. The idle gold
Federation with the public will come on the
exchange. Second, as per the
Mr Nagendra Kumar, Chief Business Officer, NSE current guidelines, only India Good
Mr Ranjith Singh, Head Commodities, BSE Delivery (IGD) refiners can deliver
Mr Manish Gavaskar, Senior VP- Treasury & Head gold and silver into the exchange.
Bullion Sales, Ratnakar Bank Ltd
So, as an IGD refiner, we are at an advantage and we
expect our volumes to increase.
Mr Harish Chopra, IGPC, IIMA:
We just heard Mr V S Sundaresan, Mr Harish Chopra: Sriram sir, the ecosystem is
ED, SEBI. He has addressed many aimed at catering to the last mile. What is going
of the issues. Thank you, sir. The to be the role of bullion dealers/traders going
plans for developing the market forward?
ecosystem are very encouraging.
Mr A S Sriram, President, Tamil
We have all three exchanges Nadu Jewellers Federation:
here. We will find out what their plans are in so far I thought of asking the same
as Domestic Spot Gold Exchange (DSGE). BSE has question to you. From what I have
been given in-principle approval by SEBI. Starting with heard and read, IIBX is a good
Shivanshu, how soon are you planning to start the platform. It is in alignment with the
DSGE? Athma Nirbhar vision of the prime
minister. At the end of the day, the
Mr Shivanshu Mehta, Head- regulations have to be pronounced. It has to be clear
Bullion, MCX: At MCX, we already as to how is it going to help the stakeholders.
have derivative products in gold,
silver, and indices. We have Mr Harish Chopra: Nagendra, can you give us an
also demonstrated our delivery understanding as to how DSGE would help the
capabilities. Now that SEBI has put stakeholders?
in place a system for DSGE, we will
be there very soon. Mr Nagendra Kumar, Chief
Business Officer, NSE: Even
at IIBX, initially banks were not
Mr Harish Chopra: Kumar Parmani, as a banker in permitted. Now, we all know banks
the precious metals sector, how do you see DSGE? have been permitted to function
is it good news or a threat?
as professional clearing members
(PCM). Soon we believe they
Mr Kumar Parmani, President- may be permitted to offer trading
Trade & Bullion, Yes Bank: services to their clients. I expect similar developments
Any news is good news. DSGE at DSGE as well going forward.
is a good development. There is
a space for everyone. We may Secondly, all of you are aware of NSE-IBJA MoU.
have to realign ourselves, as According to this, NSE and IBJA will create DSGE,
banks cannot play directly in the wherein 51% ownership will be with institutions

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