The International Financial Services Centres Authority (IFSCA) has issued a circular expanding market access for its bullion exchange by allowing bullion trading members to use “Authorized Persons.” This decision, which came into effect on September 11, 2025, extends a regulatory framework already in place for stock exchanges in the IFSC. The move was prompted by requests from market participants and is intended to increase the depth and reach of the bullion market. The circular permits both domestic and foreign-based individuals or entities to act as authorized persons, thereby facilitating a broader investor base. The bullion exchange is now required to make the necessary changes to its rules and regulations and notify all market participants of this change. The circular was issued under the authority of the International Financial Services Centres Authority Act, 2019, and the IFSCA (Bullion Market) Regulations, 2025.
International Financial Services Centres Authority
Circular No. IFSCA-PMTS/10/2023-Precious Metals 11th September 2025
To
Bullion Exchange in the International Financial Services Centre (IFSC) Bullion Trading Members in the IFSC
Dear Sir/Madam
Market Access through Authorized Persons on Bullion Exchange
Reference is drawn to Circulars No. F No. 68/IFSCA/MRD-AP/2020-21 dated 14th October 2020 and IFSCA/CMD-DMIIT/AP/2022-23/1 dated 29th April 2022 (hereinafter collectively referred to as “Market Access Circulars”), vide which IFSCA has permitted the stock brokers/broker dealers of the stock exchanges in IFSC to provide market access to investors through Authorized Persons based in India as well as in foreign jurisdictions, and has also provided therein the regulatory framework for the same.
2. IFSCA has received representations from market participants requesting similar access to the investors/ customers, through Authorized Persons, on bullion exchange in IFSC.
3. In view of the above and with an objective to expand the depth and reach of the bullion market in IFSC, it is hereby decided to extend, mutatis mutandis, the applicability of the abovementioned Market Access Circulars to the Bullion Exchange and Bullion Trading Members.
4. In reference to the above, the Bullion Exchange is advised to:
a. make necessary amendments to its relevant rules, regulations and bye-laws for the implementation of the above; and
b. bring the provisions of this circular to the notice of the market participants and disseminate the same on its website.
5. 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 IFSCA (Bullion Market) Regulations, 2025, and shall come into force with immediate effect.
6. A copy of this circular is available on the website of the International Financial Services Centres Authority at ifsca.gov.in.
Yours faithfully
Ramaneesh Goyal
Deputy General Manager
Market Regulation Division
Department of Metals and Commodities
