Page 14 - Bullion World Volume 4 Issue 7 January 2024

Bullion World | Volume 4 | Issue 7 | July 2024

Mr Neville Patel Mr Ashok Gautam
Mr Neville Patel, Senior Vice President, HDFC Bank Mr Ashok Gautam, MD & CEO, IIBX IFSC Limited –
– The Indian banks play a key and a larger role than The IIBX initiated its business in 2022 and has moved
before. Earlier we used to see a consignment basis leaps and bounds since. All the government entities
where the banks were permitted to import gold to India including regulators and market participants have
but now the banks are allowed to participate on the contributed in the welfare of the exchange. In the first
exchange through IIBX. Indian banks will also play a role quarter of 2024, IIBX has touched 5tons of gold traded in
in the derivatives market where participants are allowed the exchange. It’s been 6 months since we started silver
to hedge their metal in GIFT on the OTC platform. trading on the exchange and we are about to hit the
The CEPA agreement between India and UAE is going mark of 1million kg of trading since its inception. We are
to be an excellent corridor that facilitates trade and the only exchange in the world that settles the BDR in
partnership between the two countries. Businesses will 30 minutes. The funds are also settled three times a day.
be built keeping this agreement in mind and domestic The silver grain contract is one of our popular contracts.
banks will want to facilitate both buying and selling of There are different products being developed around the
metal through this partnership. BDR’s which are repo products, loan and lease products
which we are looking forward to.

Mr Monal Thakkar, Managing Director, Ashoka Global
SG Pte Ltd –
As Mr Sudheesh and Ayyob mentioned the scale at
which UAE has developed as a hub is phenomenal. The
UAE has helped in developing markets like India, Europe
and Asia. In short, there is a long way to go for UAE but
the market is certainly moving in the right direction.

Mr Monal Thakkar

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