Mumbai, Aug 12 (IANS) BSEs India INX (India International Exchange) on Saturday said it has received an approval from the Securities and Exchange Board of India to commence trading in gold options contracts from August 30.
"The international exchange will be the first one in India and IFSC to commence trading from Wednesday, August 30, 2017," the stock exchange platform said in a statement.
The India INX, which is a wholly owned subsidiary of the BSE, is located at the International Financial Services Centre (IFSC), GIFT City.
"The launch will enhance the overall market participation and also complement the existing futures. It will give participants an opportunity to hedge their risk without worrying about daily volatility," said V. Balasubramaniam, Managing Director and Chief Executive Officer, India INX.
"This instrument will give the buyer a right to buy or sell an underlier at a preset price on a future date. Considering the other gold contracts on BSE's India INX, we are clocking daily average turnover of $35 million," he added.
Earlier, on August 3, the market regulator had granted approval to the INX to launch derivatives on additional 33 Indian stocks.