IFSCA Prescribes Quarterly Non-Compliance Reporting Format for Bullion Exchanges

Summary: The International Financial Services Centres Authority (IFSCA), through Circular No. IFSCA-PMTS/10/2023-Precious Metals/2026/8 dated 12 November 2026, has prescribed a standardised format for quarterly reporting of regulatory non-compliances by bullion exchanges and bullion clearing corporations operating in International Financial Services Centres (IFSCs). The circular implements Regulation 31(2) of the IFSCA (Bullion Market) Regulations, 2025. Compliance Officers must monitor adherence to applicable laws, regulations, circulars, guidelines and regulatory directions, and immediately and independently report identified non-compliances to IFSCA. They must additionally submit quarterly reports within 45 calendar days from the end of each quarter. The prescribed annexure requires details of the violated provisions, nature and reasons for non-compliance, whether the breach is a first occurrence, duration, corrective measures, regulatory action and expected rectification timelines. A Nil Report is mandatory even where no non-compliance has occurred during the reporting period. The circular builds upon the compliance-monitoring responsibilities previously established under Regulation 24 of the IFSCA (Bullion Exchange) Regulations, 2020. Issued under Sections 12 and 13 of the IFSCA Act, 2019, read with Regulation 78 of the Bullion Market Regulations, 2025, the circular takes effect immediately.

INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY

CIRCULAR

IFSCA-PMTS/10/2023-Precious Metals/2026/8 | Dated: 12th November 2026

To

Bullion Exchange in the International Financial Services Centre (IFSC)
Bullion Clearing Corporation in the IFSC

Dear Sir/Madam

Format for reporting of non-compliance(s) under the IFSCA (Bullion Market) Regulations, 2025

Reference is drawn to Regulation 31 of the International Financial Services Centres Authority (Bullion Market) Regulations, 2025, which reads as under:

a. A bullion exchange or bullion clearing corporation shall appoint a Compliance Officer who shall be responsible for monitoring the compliance of the provisions of the Act or relevant rules, regulations and circulars, guidelines or directions issued thereunder by the Authority or any other regulatory Authority, and also for the redressal of customers’ grievances.

b. The Compliance Officer shall immediately and independently report to the Authority, any non-compliance as referred to in sub-regulation (1) observed by her and shall also submit a report thereon, to the Authority on a quarterly basis within 45 days from the end of the quarter in a manner specified by the Authority.

2. While it has been the primary responsibility of the Compliance Officer, ever since the notification of the IFSCA (Bullion Exchange) Regulations, 2020 [refer sub-regulation (2) of regulation 24], to monitor compliance with the applicable regulatory requirements, maintain a database of instance(s) of any non-compliance(s), and immediately and independently report such non-compliance(s) to the IFSCA, the IFSCA (Bullion Market) Regulations, 2025 introduced additional requirement of quarterly reporting in a manner specified by the Authority.

3. In this regard, the format in which such non-compliance(s) shall be reported by the Compliance Officer on a quarterly basis is provided at Annexure to this Circular.

a. Such report in the specified format shall be submitted to the IFSCA within 45 calendar days from the end of each quarter. In the absence of any instance of non-compliance during the relevant reporting period, a Nil Report shall be submitted to the Authority within the prescribed timeline.

b. 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 International Financial Services Centres Authority (Bullion Market) Regulations, 2025, and shall come into force with immediate effect.

A copy of this Circular is available on the website of International Financial Services Centres Authority at www.ifsca.gov.in at “Legal Framework→Circulars”.

Yours faithfully

(Ramaneesh Goyal)
General Manager
Market Regulation Division
Department of Metals and Commodities

email: [email protected]
Tel: +91 79 6180 9886

Annexure

(refer clause 3 above)

Format for reporting non-compliance

[refer Regulation 31(2) of the IFSCA (Bullion Market) Regulations, 2025]

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