Ashok Kumar Gautam resigns as IIBX chief, cites personal reasons
Business
Ashok Kumar Gautam, who led the India International Bullion Exchange (IIBX), has resigned, marking a tough moment for the young exchange.
He is leaving for personal reasons and will stay on until November.
The move comes as IIBX continues to struggle to make its mark in India's massive gold market.
IIBX struggles in GIFT City
IIBX was set up in Gujarat's GIFT City to create a regulated way for importing gold, but it has not really caught on: it surpassed the 100-ton mark in cumulative gold trading in nearly three years, compared to India's roughly 700 tons every year through other channels that include banks.
Early challenges like admin snags and unclear tax rules slowed things down, though there was a brief recovery in trading this April.