India is all set to get a spot exchange exclusively to trade on bullion.
Leading financial markets solution provider Financial Technologies is joining hands with the Bombay Bullion Association Limited to launch the Indian Bullion Market Associates Limited.
Bombay Bullion Association officials said that IBMA will be formally launched sometime in May.
It is for the first time that spot trading in gold will be started on the electronic platform in the country.
Suresh Hundia, president of the Bombay Bullion Association said that the launch of the new spot exchange for bullion will make a huge impact on the fast growing commodities market in India.
"We hope the new spot exchange is likely to commence its trading operation by June 2007," Hundia said.
Financial Technologies, that has promoted India's leading commodity bourse the Multi Commodity Exchange of India Ltd would hold 51 per cent stake in the billion spot exchange.
While Bombay Bullion Association members would hold 17 per cent, the rest will be would be offered to various banks, financial institutions, mutual funds and bullion dealers.
