IFSCA appoints Sequel Logistics as its first vault manager for IIBX at GIFT City

17-11-2021 12:15 PM

Sequel will play a crucial and pivotal role in the much-awaited, SEBI regulated Bullion Exchange, which shall be the “Gateway for Bullion Imports into India”, wherein all the bullion imports for domestic consumption shall be channelized through the exchange. The vault manager shall be registered and regulated as SEBI intermediary, for providing vaulting services meant for bullion deposited to create EGRs.

The obligations of vault manager shall include accepting deposits, storage and safekeeping of bullion, creation of EGR, withdrawal of bullion, grievance redressal and periodic reconciliation of physical bullion with the records of depository.

Speaking on the appointment, Sharad Jobanputra, Chairman and Managing Director, Sequel Logistics said, “We are delighted to be appointed as the first vault manager for IIBX - GIFT City. This is a testimony to our focus and obsession with providing top-notch vaulting and solutions, with the highest standards of security, integrity, and compliance. We are excited to be a part of this exchange ecosystem, that is poised to be a game changer for our Indian Bullion and Jewellery industry."

Courtesy: AOJ Desk News

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