The International Financial Services Centres Authority (IFSCA) issued Circular No. IFSCA-PMTS/10/2023-Precious Metals on 22 September 2025, amending the eligibility criteria for Bullion Trading Members under the Operating Guidelines of 25 August 2021. Previously, trading members were required to have at least one employee with a minimum of three years’ experience and sound knowledge in the precious metals industry. After receiving stakeholder representations requesting relaxation, IFSCA revised the criteria. Now, trading members must have at least one employee with a minimum of two years’ experience in dealing in securities, foreign exchange, or precious metals. The change is aimed at broadening the eligibility base for trading members while maintaining professional standards. This amendment has been issued under the powers conferred by the IFSCA Act, 2019, read with the IFSCA (Bullion Market) Regulations, 2025, and comes into effect immediately. The updated circular is available on the IFSCA website.
International Financial Services Centres Authority
Circular No. IFSCA-PMTS/10/2023-Precious Metals | Dated: 22nd September, 2025
To
Bullion Exchange in the International Financial Services Centre (IFSC)
Bullion Clearing Corporation in the IFSC
Bullion Trading Members in the IFSC
Bullion Clearing Members in the IFSC
Dear Sir/Madam
Amendment to the IFSCA Operating Guidelines on Bullion Exchange, Bullion Clearing Corporation, Bullion Depository and Vault Manager – Eligibility Criteria of Bullion Trading Member
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 (hereafter referred to as ‘Operating Guidelines’), and in particular to the eligibility criteria of Trading Members as provided in the Annexure I thereto, which, inter alia, specifies the requirement of at least 1 employee having experience of minimum 3 years and sound knowledge in precious metals industry.
2. Based on the representations received and discussions held with various stakeholders seeking relaxation in the minimum experience requirements for employees of Bullion Trading Members, it has been decided to amend the eligibility criteria for membership of the Bullion Exchange.
3. Accordingly, the below-mentioned para at Page 06 of the Operating Guidelines, that is
“Trading members shall have at least 1 employee having experience of minimum 3 years and sound knowledge in precious metals industry.”
shall now read as under:
“Trading members shall have at least one employee who possesses not less than two years of experience in dealing in securities or foreign exchange or precious metals.”
4. This circular is issued in exercise of powers conferred under Section 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.
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
