BSE deepens network in bullion trade; signs MoU with Bihar’s PatliputraSarafaSangh
Mumbai, December 29, 2020: BSE, India’s premier, and the world’s fastest Stock Exchange has signed a Memorandum of Understanding (MoU) with bullion trade and industry association PatliputraSarafaSangh, Patna, Bihar.
This association would enable the growth and development of value chain participants and enable them to face competition and manage price risks better. This MoU aims to facilitate participation in seminars and various other programs with mutual understanding to educate the people/ community about the commodity/derivatives markets and its benefits and encourage commodity stakeholders to hedge on the exchange. Besides, PatliputraSarafaSangh would assist BSE’s initiatives to deepen the understanding of the commodity market amongst stakeholders and work together for designing of new products on the ‘Precious Metals’ commodities contract.
BSE is also India’s first exchange to complete deliveries of Gold under BSE -BIS India Good Delivery Standard, supporting the Prime Minister’s vision of “Make in India” and “Atmanirbhar Bharat”. BSE is the only exchange to have deliveries executed in Gold, Gold Mini, and Silver 30 kgs contract. Overall. the exchange has executed deliveries of gold worth more than INR eight crores at the exchange designated vault in Ahmedabad, Gujarat.
Commenting on the partnership, Shri. Sameer Patil, CBO of BSE said, “We are happy to have associated with PatliputraSarafaSangh in Bihar. We believe this association would enable more participants to come forward and hedge on the exchange as well as build a deep physical network needed in bullion trade.”
Shri. Binod Kumar, President, PatliputraSarafaSangh said, “I am happy to sign MoU with BSE. The jewelers’ fraternity of PatliputraSarafaSangh will be benefited especially the small jewelers will learn the hedging process of gold and can safeguard themselves from volatile prices of gold.”
Shri. Shashi Kumar, General Secretary, PatliputraSarafaSangh, said, “It is a matter of great pleasure that PatliputraSarafaSangh and BSE have signed anMoU. Awareness and knowledge-sharing seminars will be conducted from time to time by BSE.
About BSE
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. 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’s Largest Mutual Funds Distribution Infrastructure. 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), the 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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