MUMBAI: An arm of Central Depository Services has been recognized as the bullion depository at the International Financial Services Centre at GIFT City in Gujarat.

CDSL IFSC received recognition from the IFSC regulatory authority and can now provide various functions such as holding and transfer of bullion like gold. The company said that the holding and transfer facility will be later extended to silver and any other commodity that is approved by the IFSC Authority.

“I am certain that the Bullion depository will not only contribute to the growth of the financial eco-system, but will also provide support to ensure that the IFSC becomes the epitome of world-class sophistication in terms of products and services,” said Managing Director and Chief Executive Officer Nehal Vora.

Shares of CDSL ended 0.9 per cent higher at Rs. 1,215 on the National Stock Exchange.