India-made gold bars to be used for futures contracts at NSE

July 10, 2020

Mumbai (July 10)  National Stock Exchange of India (NSE) on Friday announced the launch of NSE Refiner Standards (NRS) for Bureau of Indian Standard (BIS ) standard gold. This will enable the acceptance of gold bars produced by the domestic refiners in India for settlement of the gold futures contracts traded on the NSE platform.

"There are more than 22 BIS approved refineries in the country. One of them is also approved by London Bullion Market Association (LBMA). Six refiners are in the process of completing their agreements and deposit formalities with us. We will announce their names next week,” Ravi Varanasi, chief business development officer, NSE, told ET.

NSE Refiner Standards for BIS standard gold will be effective from Friday, July 10, 2020.

“With the launch of NRS for BIS standard gold, NSE aims to offer a fair chance to the Indian refiners, adhering to the BIS notified standards, to be a part of the exchange settlement framework. This initiative demonstrates NSE’s vision and commitment towards inclusive growth of all market participants,” Varanasi said.

James Jose, managing director of Chemmanur Gold Refinery and secretary of the Association of Refineries & Mints said: “The move will enable the gold trade to gradually substitute bullion imports with gold refined in India." Gold dore (impure gold), which mostly comes from African nations, is refined by Indian refineries.


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