MCX empanels 2 Indian Refiners for gold delivery

Multi Commodity Exchange of India (MCX) on Thursday said it has empanelled two domestic bullion refiners -- M D Overseas and Kundan Care Products -- for gold delivery on its platform. At present, gold and silver bars of London Bullion Market Association approved refiners are deliverable on the exchange, MCX said in a statement.

Further, the exchange noted that initially, acceptance of gold bars refined by the empanelled domestic refiners would begin for delivery in the derivative contracts with gold 100-gram bars as underlying. It is expected that few more refiners, who are at various stages of the audit process, would also get added to the list shortly, MCX said.

"This will pave the way for the acceptance of locally refined gold and silver bars of refiners who have met all exchange-set eligibility criteria and requirements of defined technical qualification audits as well as financial audits. "It will facilitate the expansion of the organised bullion trade in the country and enhance transparency. This move is also expected to further integrate exchange ecosystems with the domestic physical industry," MCX managing director and CEO PS Reddy said.