Mumbai: Anil Ambani group firm Reliance Money has joined hands with the Bombay Stock Exchange (BSE) and the Bombay Bullion Association (BBA) to launch an over-the-counter bullion trading platform.
The over-the-counter 'Bullion Spot Market', the country's first organised bullion trading platform, would be operational within a month, Reliance Money said in a statement.
The online trading platform will allow trading in gold and silver by jewellers and retail investors, Sudip Bandyopadhyay, director and CEO of Reliance money, said.
The three partners would form a separate company with the National Multi-Commodity Exchange and IT People (India) Ltd as shareholders for the settlement of trades, he said.
India, the world's largest gold consumer, currently follows prices on the London Bullion market as a reference point.
The BSM trading platform would be in line with London Bullion Market, Bandyopadhyay said adding that it would help jewellers monitor international price movements on real time basis and facilitate retail investors in purchase of gold coins and bars.
BSE, which has a 25 per cent stake in NMCE, is already present in the bullion market while BBA is the country's largest bullion trading association that controls 75 per cent of domestic bullion trade.
Reliance Money, the brokerage and financial products distribution arm of ADAG, would facilitate retail investors in purchasing gold, while capital market technology firm IT People would provide the systems for the initiative.