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.
Some of the stringent criteria for appointment of Vault Manager includes that the Vault Manager should be a corporate body incorporated in India, with a net worth of at least Rs 50 crores, with an impeccable ‘Fit & Proper’ track record and having vast expertise & experience in managing such critical vaulting & logistics operations.
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, Mr. Sharad Jobanputra, Chairman & Managing Director, Sequel Logistics said, “We are delighted and honoured 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 & logistics 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 & Jewellery industry”.