The NSE has planned a new Spot Gold exchange

The new stock exchange will be overseen by SEBI.

New Delhi: The National Stock Exchange of India (NSE) said on Saturday that it intends to introduce a new domestic gold exchange that will bring greater efficiency and transparency to bullion prices.

The NSE will create an exchange with the Bullion and Jewelers Association of India, which represents industry members as the world’s second largest consumer of the precious metal.

The new stock exchange will be overseen by the Securities and Exchange Commission of India (SEBI), the country’s regulatory market, he added.

“This exchange will lead to efficiency and transparency in the discovery of bullion prices,” NSE CEO and CEO Vikram Limaye said in a statement.

The NSE did not specify when the exchange would start operating, allowing jewelers, traders, refiners and banks to trade on a regulated platform.

China, a major consumer of gold, has a similar stock exchange where all domestic production and all imported gold must be bought and sold.

The central bank of India now allows some domestic banks to import gold, which is then bought by bullion sellers and sold to jewelers before going to retail customers.

India’s gold demand in 2015 was 797.3 tonnes, about $ 46.1 billion, according to the World Gold Council.

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