SBI Executes First Gold Trade on India International Bullion Exchange as Special Category Client
State Bank of India (SBI) has completed its inaugural gold trade on the India International Bullion Exchange (IIBX) after joining as a Special Category Client. This participation aims to modernize gold imports in India, enhancing efficiency, transparency, liquidity, and competitive pricing. The initiative is expected to benefit small and medium-sized jewellers and boost the bullion market.
State Bank of India (SBI) has made a significant move by becoming a Special Category Client on the India International Bullion Exchange (IIBX) and successfully executing its first gold trade on the platform. This development marks a key step towards modernizing India's gold import and trading ecosystem by leveraging the IIBX, which operates under the regulatory framework of the International Financial Services Centres Authority (IFSCA). SBI's involvement as a Trading cum Clearing Member enhances trading volumes, market liquidity, and pricing competitiveness, particularly benefiting small and medium-sized jewellers. The exchange provides greater transparency and efficiency across the bullion and jewellery sectors, reflecting SBI's commitment to strengthening its role in India's bullion market and financial landscape. The IIBX being India's first bullion exchange established in the GIFT City International Financial Services Centre further underscores the modernization of the bullion market, promoting direct and regulated trading in precious metals like gold and silver.
