Date: 2025-09-22Category: Not ApplicableState: Union GovernmentCountry: India
Amendment to the IFSCA Operating Guidelines on Bullion Exchange, Bullion Clearing Corporation, Bullion Depository and Vault Manager – Eligibility Criteria of Bullion Trading Member
**Executive Summary**
This circular, issued by the International Financial Services Centres Authority (IFSCA) on September 22, 2025, amends the operating guidelines on bullion exchange, bullion clearing corporation, bullion depository and vault manager. Specifically, the circular modifies the eligibility criteria for bullion trading members, reducing the minimum required experience for employees. The circular comes into force with immediate effect.
**Key Points / Main Content**
* **Amendment Scope:**
* Modifies the eligibility criteria for Bullion Trading Members.
* **Amended Employee Experience Requirement:**
* The requirement of having at least one employee with a minimum of 3 years of experience and sound knowledge in the precious metals industry is amended.
* The amended requirement is to have at least one employee with not less than two years of experience in dealing with securities or foreign exchange or precious metals.
* **Authority and Implementation:**
* Issued 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.
* Takes effect immediately.
* **Availability:**
* A copy of the circular is available on the IFSCA website (www.ifsca.gov.in).
**Impact Analysis**
**Bullion Trading Members in the IFSC**
* **Impact:** Relaxation of minimum experience criteria for employees.
* **Action Required:** Review and adjust hiring practices to comply with the revised eligibility criteria.
Key Entities Referenced
International Financial Services Centres Authority (IFSCA): The issuing authority of the circular and regulator referenced within.
IFSCA Operating Guidelines on Bullion Exchange, Bullion Clearing Corporation, Bullion Depository and Vault Manager: The document being amended by the circular.
International Financial Services Centres Authority Act, 2019: The law under which the circular is issued, referencing sections 12 and 13.
IFSCA (Bullion Market) Regulations, 2025: Regulations read with the IFSCA Act 2019, specifically Regulation 78.
International Financial Services Centres Authority
CIRCULAR
IFSCA-PMTS/10/2023-Precious Metals 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
Page 1 of 2“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 www.ifsca.gov.in.
Yours faithfully
(Ramaneesh Goyal)
Deputy General Manager
Market Regulation Division
Department of Metals and Commodities
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