Multi Commodity Exchange of India (MCX), the largest commodity exchange in India has signed a Memorandum of Understanding with National Stock Exchange (NSE) of India and securities depositories for setting up market infrastructure institutions in the GIFT city.

The market infrastructure institutions comprise International Bullion Exchange, Clearing Corporation and Depository.

"National Stock Exchange of India, the Multi Commodity Exchange of India (MCX), India INX International Exchange (IFSC) (India INX), National Securities Depository (NSDL) and Central Depository Services (CDSL) have signed a memorandum of understanding for setting up market infrastructure institutions at Gujarat International Finance Tec-City (GIFT)," MCX said.

The setting up of market infrastructure institutions is in line with the Government of India objective to make India a price setter in bullion through GIFT International Finance Service Centre (IFSC) and in accordance with the International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020, and other applicable laws, the exchange added.

Shares of the company declined Rs 9.05, or 0.60%, to settle at  Rs 1,503.70.  The total volume of shares traded  was  15,870 at the BSE (Monday).