BSE's 'Atmanirbhar Bharat' Moment: Completes the country's first-ever delivery of Gold under India Good Delivery Standard
Mumbai, November 3, 2020: BSE, India's leading and most diverse exchange, created history by becoming India's first exchange to complete deliveries of Gold under BSE -BIS India Good Delivery Standard on its commodity platform, supporting the Prime Minister's vision of "Make in India" and "Atmanirbhar Bharat". The exchange executed delivery of Gold to the tune of INR 1.5 crores in the 'Options in Goods' framework, marking the fifth consecutive month of deliveries at the exchange designated vault in Ahmedabad, Gujarat. The refined gold delivered on the exchange platform was produced by Augmont Enterprises Pvt. Ltd. and Parker Precious Metals LLP. In addition to these refineries, M D Overseas Pvt. Ltd. and Sovereign Metals ltd. are also empanelled by BSE to deliver serial-numbered gold bars on the exchange platform.
Earlier, BSE used to accept only serial-numbered gold bars approved by the London Bullion Market Association (LBMA) for the settlement of gold contracts exchanged on the commodity derivatives segment of the exchange. The exchange also executed deliveries of Silver based on LBMA standards under the 'Options in Goods' segment, at the exchange designated vault in Ahmedabad, Gujarat.
Commenting on this milestone, Shri Sameer Patil, Chief Business Officer, BSE, said, "The deliveries and acceptance of Indian refined gold shows the trust reposed by buyers and sellers alike on BSE led initiatives. This will facilitate increased participation and widen the array of acceptable gold provided by members for delivery of Bullion on commodity derivatives segment of BSE."
BSE's seamless trading platform, integrated with a robust delivery framework for 'options in goods' contracts have proved extremely beneficial and cost efficient for jewellers, bullion dealers and other physical market participants. It empowers them to not only hedge their price risk but also avail delivery on expiry of the contract. BSE has received extremely positive response from all stakeholders for these contracts, with commodity derivatives segment registering a high of INR 5,010 crores on July 29, 2020.
BSE thanks the consistent support and active participation of all its members and looks forward to increased volumes in the future.
BSE (formerly Bombay Stock Exchange) established in 1875, is Asia’s first & now the world’s fastest Stock Exchange with a speed of 6 microseconds. BSE is India’s leading exchange group and has played a prominent role in developing the Indian capital market. BSE is a corporatized and demutualized entity, with a broad shareholder base that includes the leading global exchange- Deutsche Bourse, as a strategic partner. BSE provides an efficient and transparent market for trading in equity, debt instruments, equity derivatives, currency derivatives, commodity derivatives, interest rate derivatives, mutual funds and stock lending and borrowing.
BSE also has a dedicated platform for trading in equities of small and medium enterprises (SMEs) that has been highly successful. BSE also has a dedicated MF distribution platform BSE StAR MF which is India Largest Mutual Funds Distribution Infrastructure. On October 1, 2018, BSE launched commodity derivatives trading in Gold, Silver, Copper, Oman Crude Oil Guar Gum, Guar Seeds & Turmeric.
BSE provides a host of other services to capital market participants including risk management, clearing, settlement, market data services and education. It has a global reach with customers around the world and a nation-wide presence. BSE’s systems and processes are designed to safeguard market integrity, drive the growth of the Indian capital market and stimulate innovation and competition across all market segments.
Indian Clearing Corporation Limited, a wholly owned subsidiary of BSE, acts as the central counterparty to all trades executed on the BSE trading platform and provides full novation, guaranteeing the settlement of all bonafide trades executed. BSE Institute Ltd, another fully owned subsidiary of BSE runs one of the most respected capital market educational institutes in the country. Central Depository Services Ltd. (CDSL), associate company of BSE, is one of the two Depositories in India.
BSE has set up an Investor Protection Fund (IPF) on July 10, 1986 to meet the claims of investors against defaulter Members, in accordance with the Guidelines issued by the Ministry of Finance, Government of India. BSE Investor Protection Fund is responsible for creating Capital markets related awareness among the investor community in India.
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