Currently, majority of the commodity traders are executing trades from other financial centers including those in Switzerland, Singapore, London, Chicago, Dubai, Shanghai, and Rotterdam.
Market participants have welcomed the move by the International Financial Services Centres Authority (IFSCA) to initiate steps to develop GIFT City as a global commodity trading hub, saying it will improve pricing, reduce currency risks and enhance the competitiveness of India entities.
The regulatory body for GIFT City recently constituted an expert committee headed by Rajeev Kher, former commerce secretary and former member of the Competition Appellate Tribunal, which will suggest measures to develop commodity trading at GIFT City.
According to
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Read More: GIFT City’s planned global commodity hub a boon for local traders