State Bank of India (SBI) on November 1, 2025, executed its first gold transaction as a Special Category Client (SCC) on the India International Bullion Exchange (IIBX) located at GIFT City, Gujarat. Under the SCC category, banks can directly participate in bullion trading without registering as trading members, enabling smoother gold procurement and improved price discovery. SBI was also the first bank to become a Trading cum Clearing Member (TCM) at IIBX in 2024. The move aims to simplify gold import processes, enhance price transparency, and provide better market access for jewellery exporters and MSME jewellers. GIFT City in Gujarat is India's first operational greenfield smart city and International Financial Services Centre (IFSC), and IIBX is a key component of India's bullion market reforms.
SBI Executes First Gold Trade as Special Category Client on India International Bullion Exchange (IIBX) at GIFT City
State Bank of India (SBI) on November 1, 2025, executed its first gold transaction as a Special Category Client (SCC) on the India International Bullion Exchange (IIBX) located at GIFT City, Gujarat. Under the SCC category, banks can directly participate in bullion trading without registering as trading members, enabling smoother gold procurement and improved price discovery. SBI was also the first bank to become a Trading cum Clearing Member (TCM) at IIBX in 2024. The move aims to simplify gold import processes, enhance price transparency, and provide better market access for jewellery exporters and MSME jewellers. GIFT City in Gujarat is India's first operational greenfield smart city and International Financial Services Centre (IFSC), and IIBX is a key component of India's bullion market reforms.
Key facts
- SBI executed first gold transaction as Special Category Client on IIBX at GIFT City on November 1, 2025.
- Under SCC category, banks can trade bullion directly without registering as trading members.
- SBI was the first bank to become Trading cum Clearing Member at IIBX in 2024.
- Move simplifies gold import processes and enhances price transparency for jewellers.
- GIFT City, Gujarat is India's first operational greenfield smart city and IFSC.
- IIBX is a key component of India's bullion market reforms for better price discovery.
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State Bank of India executed its first gold transaction on the India International Bullion Exchange (IIBX) on November 1, 2025, under which category?
Under the Special Category Client (SCC) category, banks can directly participate in bullion trading without registering as trading members; SBI executed its first such gold trade on November 1, 2025.
Source: KNN India / ScanX / FinTechBizNews
Frequently asked questions
What is the India International Bullion Exchange (IIBX) and where is it located?
The India International Bullion Exchange (IIBX) is India's dedicated international exchange for bullion (gold and silver) trading, located at GIFT City (Gujarat International Finance Tec-City) in Gujarat — India's first operational greenfield smart city and International Financial Services Centre (IFSC). IIBX was established to create a transparent, regulated platform for bullion trading, improve price discovery, simplify gold imports for eligible entities, and eventually reduce India's dependence on informal gold markets.
What is the Special Category Client (SCC) framework on IIBX and how does it benefit banks?
Under the Special Category Client (SCC) framework on IIBX, eligible entities including banks can directly participate in bullion trading without registering as full trading members. This significantly reduces compliance burden, registration costs, and operational complexity. Banks operating as SCCs can source gold through IIBX for undertaking gold or silver imports on behalf of their clients while benefiting from transparent price discovery on the exchange.
What milestone did SBI achieve at IIBX on November 1, 2025 and what was its earlier distinction?
On November 1, 2025, SBI executed its first gold transaction as a Special Category Client (SCC) on IIBX at GIFT City — becoming one of the first banks to transact under the SCC framework. Earlier, in 2024, SBI had already become the first bank to register as a Trading cum Clearing Member (TCM) at IIBX, giving it the ability to trade and clear bullion transactions directly on the exchange.
What is GIFT City and why is it significant for India's financial sector?
GIFT City (Gujarat International Finance Tec-City), located in Gandhinagar, Gujarat, is India's first operational greenfield smart city and International Financial Services Centre (IFSC). It operates under a special regulatory framework governed by the International Financial Services Centres Authority (IFSCA). GIFT City hosts international exchanges (NSE IFSC, BSE IFSC, IIBX), global banking operations, insurance, and capital market activities — positioning India as a competitive offshore financial hub to rival Singapore and Dubai.
How does SBI's participation in IIBX impact jewellers and gold price discovery in India?
SBI's direct participation in IIBX as both a TCM and SCC enables banks to source gold through a regulated, transparent exchange mechanism instead of informal bilateral arrangements. This improves price discovery by aggregating demand and supply on a single platform, reduces import costs for banks, and enables them to pass on better rates to jewellers and refiners. For jewellers, it means access to gold at more transparent and competitive prices, reducing their dependence on grey-market import channels.
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