Summary: The International Financial Services Centres Authority (IFSCA), through Circular No. IFSCA-PMTS/10/2023-Precious Metals/2026/7 dated 27 October 2026, has reviewed the Special Category Client (SCC) framework for trading on the India International Bullion Exchange (IIBX). Under the earlier framework, participants meeting additional eligibility criteria could trade directly on IIBX without the requirement of Bullion Trading Members. These participants were designated as SCCs. The framework arose from the circular dated 10 October 2025 concerning imports of gold or silver by Qualified Jewellers and valid India-UAE CEPA TRQ holders, as subsequently amended, and the circular dated 18 August 2022 concerning Qualified Suppliers of bullion, also as amended. Following its review, IFSCA has decided that no participant shall henceforth trade on IIBX unless it is a client of a Bullion Trading Member. A transitional exception applies to participants already notified by IFSCA and/or onboarded by IIBX as SCCs as on the circular’s date: they may continue trading directly on IIBX until 13 November 2026. The circular therefore introduces the client-based trading requirement with immediate effect while preserving direct access temporarily for the specified existing SCCs. It is issued under Sections 12 and 13 of the International Financial Services Centres Authority Act, 2019, read with regulation 78 of the International Financial Services Centres Authority (Bullion Market) Regulations, 2025.
INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY
Circular No. IFSCA-PMTS/10/2023-Precious Metals/2026/7 | Dated: 27th October 2026
To
Bullion Exchange in the International Financial Services Centre (IFSC)
Bullion Clearing Corporation in the IFSC
Bullion Depository in the IFSC
Bullion intermediaries in the IFSC
Vault Managers in the IFSC
All market participants on the Bullion Exchange in the IFSC
Dear Sir/Madam
Review of SCC framework for trading on IIBX
Reference is drawn to the following Circulars:
a. dated 10th October 2025, titled “Import of gold or silver by Qualified Jewellers and valid India-UAE CEPA TRQ holders through IIBX” as amended from time to time, and last updated vide Circular dated 22nd September 2026, and
b. dated 18th August 2022, titled “‘Qualified Suppliers’ for supply of bullion on India International Bullion Exchange”, as amended from time to time, and last updated vide Circular dated 1st May 2024,
wherein participants, on fulfilling certain additional eligibility criteria, have been permitted to directly trade on IIBX without the requirement of Bullion Trading Members. Such participants have been designated as Special Category Clients (SCCs).
2. On review of the SCC framework, it has now been decided that no participant shall, henceforth, trade on IIBX unless it is a client of a Bullion Trading Member.
3. However, the participants that have already been notified by the IFSCA and/or onboard by the IIBX as SCCs as on the date of this Circular may continue to trade directly on IIBX until 13th November 2026.
4. This Circular is issued in exercise of the powers conferred under Sections 12 and 13 of the International Financial Services Centres Authority Act, 2019, read with regulation 78 of the International Financial Services Centres Authority (Bullion Market) Regulations, 2025, and shall come into force with immediate effect.
A copy of this Circular is available on the website of International Financial Services Centres Authority at www.ifsca.gov.in at “Legal Framework→Circulars”.
Yours faithfully
(Ramaneesh Goyal)
General Manager
Market Regulation Division
Department of Metals and Commodities
email: [email protected]
Tel: +91 79 6180 9886
