The International Financial Services Centres Authority (IFSCA) has granted Qualifying Central Counterparty (QCCP) status to India International Bullion Exchange (IIBX) operating in GIFT IFSC, recognizing it as both a bullion exchange and a bullion clearing corporation under the Securities Contracts (Regulation) Act, 1956 and IFSCA regulations. The recognition is based on IIBX’s compliance with global standards, particularly the Principles for Financial Market Infrastructures (PFMIs) issued by CPMI and IOSCO, which aim to enhance efficiency, transparency, and systemic stability in financial markets. As a designated Market Infrastructure Institution (MII), IIBX is subject to strict regulatory oversight due to its systemic importance. The QCCP status confirms that its clearing operations meet international benchmarks for risk management and financial integrity. This development strengthens India’s position in global bullion markets, enhances investor confidence, and promotes robust risk management and regulatory compliance within the GIFT IFSC ecosystem.
International Financial Services Centres Authority
PRESS RELEASE
25th March 2026
Grant of Qualifying Central Counterparty (QCCP) status to IIBX operating in GIFT IFSC
India International Bullion Exchange (IFSC) Limited [IIBX] has been granted recognition by the International Financial Services Centres Authority (IFSCA) under the Securities Contracts (Regulation) Act, 1956 (SCRA), read with the IFSCA Act and IFSCA (Bullion Market) Regulations, 2025, to function as both a Bullion Exchange and a Bullion Clearing Corporation in the GIFT IFSC.
The bullion clearing corporation has qualified as a QCCP being regulated by IFSCA under the IFSCA Act, 2019, SCRA and Rules, Regulations and guidelines made thereunder. IIBX is continuously governed by rules and regulations that align with the Principles for Financial Market Infrastructures (PFMIs) issued by the Committee on Payment and Settlement Systems (CPSS) and International Organisation of Securities Commissions (10SCO). The PFMIs were issued by the CPMI and 10SCO in April 2012. These were issued to enhance safety and efficiency in payment, clearing, settlement, and recording arrangements, and more broadly, to limit systemic risk and foster transparency and financial stability. The members of CPMI and 10SCO are required to strive to adopt the PFMIs in their respective jurisdictions in line with the G20 expectations.
IFSCA, as a member of the 10SCO, is committed to the adoption and implementation of the PFMIs.
IIBX is designated as a Market Infrastructure Institution (MIT) for oversight considering its systemic importance in the GIFT IFSC regulated by the IFSCA. As such, IIBX is subject to regulation and supervision within the PFMI framework, necessitating its adherence to PFMI requirements.
In view of the above, IIBX is accorded the status of QCCP.
