BSE, ADAG, BBA tie up for bullion trading platform
Reliance Money on Monday joined hands with the BSE and Bombay Bullion Association to launch the country's first organised bullion trading platform, the Bullion Spot Market (BSM).
By PTI |
MUMBAI: Anil Ambani group firm Reliance Money on Monday joined hands with the Bombay Stock Exchange and Bombay Bullion Association to launch the country's first organised bullion trading platform, the Bullion Spot Market (BSM).
BSM, billed as the first of its kind in the country, would help jewellers monitor international bullion price fluctuation on real time basis and facilitate retail investors in purchase of gold coins and bars.
"BSM would be in operation within a month and the trading will take place over the counter to determine the price in world gold markets," Reliance Money's Director and CEO Sudip Bandyopadhyay told reporters here.
Apart from BSE and Reliance Money, the venture will be in association with the National Multi-Commodities Stock Exchange and IT People (India) Ltd.
The trading would be held in two sessions in T and T+1 systems. The trade in first session between 10 am-2 pm will be settled on the same day, while trade between 2 pm-8 pm would be settled the next day, Bandyopadhyay said.
Commodities account for nearly 58 per cent of India's GDP and India is the largest consumer of gold in the world with consumption of over 800 tonnes annually.
"We are hopeful of getting a 10 per cent of the total gold traded volume of Rs 1,000-crore per day and Rs 3,00,000- crore per annum," Bandyopadhyay said.
Currently, gold prices are governed by London Bullion market as a reference point. Existing practices lack transparency, uniformity in quality and value realisation for the jewellers and retail customers.
BSM, billed as the first of its kind in the country, would help jewellers monitor international bullion price fluctuation on real time basis and facilitate retail investors in purchase of gold coins and bars.
"BSM would be in operation within a month and the trading will take place over the counter to determine the price in world gold markets," Reliance Money's Director and CEO Sudip Bandyopadhyay told reporters here.
Apart from BSE and Reliance Money, the venture will be in association with the National Multi-Commodities Stock Exchange and IT People (India) Ltd.
The trading would be held in two sessions in T and T+1 systems. The trade in first session between 10 am-2 pm will be settled on the same day, while trade between 2 pm-8 pm would be settled the next day, Bandyopadhyay said.
Commodities account for nearly 58 per cent of India's GDP and India is the largest consumer of gold in the world with consumption of over 800 tonnes annually.
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"We are hopeful of getting a 10 per cent of the total gold traded volume of Rs 1,000-crore per day and Rs 3,00,000- crore per annum," Bandyopadhyay said.
Currently, gold prices are governed by London Bullion market as a reference point. Existing practices lack transparency, uniformity in quality and value realisation for the jewellers and retail customers.
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