First MD & CEO of India International Bullion Exchange in GIFT City resigns
He joined IIBX in February 2022, ahead of the exchange’s launch by Prime Minister Narendra Modi in July that year
Ashok Kumar Gautam, the inaugural Managing Director and Chief Executive Officer of India International Bullion Exchange IFSC Ltd (IIBX), has resigned from his role at the country's inaugural international bullion exchange located in GIFT City. Gautam's decision to leave comes after more than four years leading the exchange. The businessperson cited personal matters as the reason for his resignation.
He is currently on a three-month notice period, according to sources familiar with the situation. Gautam joined IIBX in February 2022, just ahead of the exchange's launch by Prime Minister Narendra Modi in July of that same year. Throughout his tenure, Gautam played a pivotal role in operationalizing the exchange and in establishing the infrastructure for international bullion trading from GIFT City.
He did not respond to messages left for him. The exchange is backed by prominent financial institutions including NSE, India INX, NSDL, CDSL, and MCX. It serves as a key component of GIFT City's ambition to become a major international financial services hub. IIBX was established to provide a transparent avenue for bullion imports into India, allowing qualified Indian jewelers to directly import gold via the exchange.
It also serves as a bridge connecting global bullion banks, refiners, and traders with Indian buyers through a framework that operates under IFSCA regulations for trading and vaulting. Under Gautam's leadership, IIBX successfully onboarded leading bullion dealers and jewelers, introduced trading through Bullion Depository Receipts (BDRs), operationalized authorized vaulting facilities, and developed a framework for responsible bullion sourcing in line with global standards.
Prior to joining IIBX, Gautam had spent over three decades in the banking and financial markets, serving in senior roles at IDBI Bank, Axis Bank, and State Bank of India. His experience encompassed a wide range of areas, including treasury, bullion, international banking, and financial markets.
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