The International Financial Services Centres Authority (IFSCA) has announced an extension of the guidelines for bullion trading members and clearing members in GIFT-IFSC. According to circular F No. 329/IFSCA/Bullion MIIs/2021, which was previously extended until July 28, 2024, the new deadline is now October 31, 2024. This extension applies to the requirements concerning minimum net worth and base minimum capital for bullion intermediaries. The decision comes as IFSCA continues to review and potentially revise the existing guidelines. The authority’s decision aims to ensure adequate regulatory framework development under Section 12 of the International Financial Services Centres Authority Act, 2019. For further details, the circular is accessible on the IFSCA website.
International Financial Services Centres Authority
Circular No. F No. 329/IFSCA/Bullion MIIs/2024-25/04 Dated: August 09, 2024
To
Bullion Exchange in the International Financial Services Centre (IFSC)
Bullion Clearing Corporation in the IFSC
Bullion intermediaries in the IFSC
Madam/Sir
Bullion Trading Members and Clearing Members in GIFT- 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 has extended the initial 6 months period specified in paragraphs 3 and 4 of the aforementioned circular till July 28, 2024 vide circular F. No. 329/IFSCA/Bullion MIIs/2023-24/04 dated February 22, 2024.
It has been decided to extend the period specified in paragraphs 3 and 4 of the circular till October 31, 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
(Ramaneesh Goyal)
Deputy General Manager
Department of Metals and Commodities
email: ramaneesh.goyal@ifsca.gov.in
Tel: +91 79 6180 9886
