NEW DELHI: The National Stock Exchange (NSE) has said it has signed an agreement with other entities for setting up an international bullion exchange, clearing corporation and depository at the GIFT City in Gujarat.

Accordingly, NSE, Multi Commodity Exchange (MCX), India INX International Exchange Ltd, National Securities Depository Ltd and Central Depository Services (India) Ltd have signed MoU for setting up market infrastructure institutions. This will comprise an international bullion exchange, clearing corporation and depository at Gujarat International Finance Tec-City, NSE said in a press release. It will be in line with the Centre's objective to make India a price-setter in bullion through GIFT International Finance Service Centre in accordance with the International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020 and other applicable laws.

 The Centre had notified the bullion spot delivery contract and bullion depository receipt as financial products and related services under the International Financial Services Centres Authority Act, 2019. The International Financial Services Centres Authority will run the operations of the bullion exchange.

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