The International Financial Services Centres Authority (IFSCA) has issued a circular dated April 29, 2025, amending its Operating Guidelines for Bullion Exchanges, Clearing Corporations, Depositories, and Vault Managers in the IFSC. The amendment, effective immediately, removes the net-worth requirement previously specified for all classes of ‘Customers’ participating in the bullion market. This decision follows representations from the India International Bullion Exchange (IFSC) Ltd. (IIBX) and aims to broaden participation across IIBX’s product offerings. However, the circular clarifies that the existing net-worth criteria for ‘Qualified Suppliers’ and ‘Qualified Jewellers’, as outlined in earlier circulars dated August 18, 2022, and December 11, 2023, remain in effect. The circular is issued under Sections 12 and 13 of the IFSCA Act, 2019, and is available on the IFSCA website.
International Financial Services Centres Authority
Circular No. IFSCA-DMC/3/2023-Dept. of Metals and Commodities Dated: 29th April, 2025
To
Bullion Exchange in the International Financial Services Centre (IFSC)
Bullion Clearing Corporation in the IFSC
Bullion Depository in the IFSC
Intermediaries associated with Bullion Market in the IFSC
Madam/Sir
Amendment to the IFSCA Operating Guidelines on Bullion Exchange, Bullion Clearing Corporation, Bullion Depository and Vault Manager – Dispensation of net-worth requirement for ‘Customers’
Reference is drawn to the Operating Guidelines on Bullion Exchange, Bullion Clearing Corporation, Bullion Depository and Vault Manager issued by IFSCA vide Circular dated 25th August 2021, and in particular to the definition of ‘Customer’ as provided in the Annexure I thereto, which, inter alia, specifies net worth of the respective Customers.
2. Based on the representation received from India International Bullion Exchange (IFSC) Ltd. [IIBX] and with a view to broad base the participation across various products offered on IIBX, it has been decided to dispense with the net worth requirement for all classes of ‘Customers’.
3. It is, however, clarified that the net worth requirement specified by IFSCA for Qualified Suppliers and Qualified Jewellers vide Circulars dated 18th August 2022 and 11th December 2023, respectively, shall continue to apply.
4. This circular is issued in exercise of powers conferred under Section 12 and 13 of the International Financial Services Centres Authority Act, 2019 and shall come into force with immediate effect.
5. 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
