Abstract: Circular No. F. No. 329/IFSCA/Bullion MIIs/2023-24/01, issued by the International Financial Services Centres Authority (IFSCA) on August 07, 2023, extends the period for Bullion Trading Members and Clearing Members in the International Financial Services Centre (IFSC) till January 2024 or until revised guidelines are issued regarding minimum Net worth and Base Minimum Capital for Bullion intermediaries.
Introduction: The International Financial Services Centres Authority (IFSCA) has issued Circular No. F. No. 329/IFSCA/Bullion MIIs/2023-24/01 on August 07, 2023, to provide an extension for Bullion Trading Members and Clearing Members in the International Financial Services Centre (IFSC). The circular pertains to the period specified in previous circulars and outlines the revised timeline.
Analysis: IFSCA refers to Circular F.No.329/IFSCA/Bullion MIIs/2021, dated September 17, 2021, that deals with Bullion Trading Members and Clearing Members in IFSC. The initial 6-month period specified in paragraphs 3 and 4 of this circular was extended by another 6 months, ending on July 28, 2023, as per circular F. No. 329/IFSCA/Bullion MIIs/2022-23, dated January 27, 2023.
Now, the IFSCA has decided to further extend the period specified in paragraphs 3 and 4 of the aforementioned circular by an additional 6 months. This new extension will be effective until January 28, 2024, or until the IFSCA issues revised guidelines, handbooks, or circulars specifying the minimum Net worth and Base Minimum Capital requirements for Bullion intermediaries, whichever occurs earlier.
International Financial Services Centres Authority
Circular No. F. No. 329/IFSCA/Bullion MIIs/2023-24/01 Dated: August 07, 2023
To
Bullion Exchange in the International Financial Services Centre (IFSC)
Bullion Clearing Corporation in the IFSC
Bullion intermediaries in the IFSC
Dear Sir/Madam
Bullion Trading Members and Clearing Members in IFSC
This has reference to IFSCA’s circular F.No.329/IFSCA/Bullion MIIs/2021 dated September 17, 2021 (Circular) regarding the captioned subject. IFSCA had extended the initial 6 months period specified in paragraphs 3 and 4 of the aforementioned Circular by an additional period of 6 months i.e., till July 28, 2023 vide circular F. No. 329/IFSCA/Bullion MIIs/2022-23 dated January 27, 2023.
It has now been decided to extend the period specified in paragraphs 3 and 4 of the Circular by a further period of 6 months i.e., till January 28, 2024 or till the time IFSCA issues revised guidelines/handbook/circular specifying the requirements of minimum Net worth and Base Minimum Capital for Bullion intermediaries, whichever is earlier.
This circular is issued in exercise of powers conferred by Section 12 of the International Financial Services Centres Authority Act, 2019 to develop and regulate the financial products, financial services and financial institutions in the International Financial Services Centres.
A copy of this circular is available on the website of the International Financial Services Centres Authority at www.ifsca.gov.in.
Yours faithfully
(Kamlesh Sharma)
General Manager
Department of Metals and Commodities
email: kamlesh.sharma27@ifsca.gov.in
Tel: +91 79 6180 9810
