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Date: 27-Oct-2023 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by Section 12 of the International Financial Services Centres Authority Act,

Issued by International Financial Services Centres Authority · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • The notification issued by the International Financial Services Centres Authority (IFSCA) amends notification No. 329/IFSCA/Bullion MIIs/2021-22, dated December 6, 2022, which was published in the Gazette of India on December 9, 2022.
  • The amendment replaces the phrase 'bullion spot delivery contract and bullion depository receipt with underlying bullion' with 'bullion contracts'.
  • The amendment also provides a clarification that the term 'bullion contract' shall have the same meaning as assigned to it under the International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020.

Key Changes

  • Substitution of the phrase 'bullion spot delivery contract and bullion depository receipt with underlying bullion' with 'bullion contracts' in the original notification.
  • Insertion of a clarification defining 'bullion contract' by referencing the International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020.
  • The notification comes into effect from the date of its publication in the Official Gazette, October 27, 2023.

Impact Analysis

Stakeholders

  • The IFSCA, as the regulatory authority, will be responsible for implementing and enforcing the amended regulations.

Impact

  • Potential for a wider range of bullion-related products and contracts to be offered and traded on IFSC exchanges, as the definition is now aligned with the 2020 Regulations.

Suggested Action Items

  • The IFSCA should conduct outreach and provide guidance to stakeholders to facilitate a smooth transition to the new regulatory framework.

Key Entities Referenced

International Financial Services Centres Authority (IFSCA): The regulatory authority issuing the notification and responsible for regulating financial services in IFSCs in India. Securities Contracts (Regulation) Act, 1956: An act of the Parliament of India that provides for regulation of transactions in securities. International Financial Services Centres Authority Act, 2019: An act of the Parliament of India that established the IFSCA. International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020: Regulations issued by the IFSCA governing bullion exchanges operating in IFSCs.
Official Source Record View Original Source →
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-जी.जे.-अ.-27102023-249759 xxxGIDHxxx CG-GJ-E-27102023-249759 xxxGIDExxx ऄसाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 731] नइ ददल्ली, िुक्रिार, ऄक्त बू र 27, 2023/कार्नतक 5, 1945 No. 731] NEW DELHI, FRIDAY, OCTOBER 27, 2023/KARTIKA 5, 1945 ऄतं रराष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण ऄजधसचू ना गांधीनगर, 25 ऄक् तूबर, 2023 स.ं 329/अइएफएससीए/बजु लयन एमअइअइएस/2023-24.—ऄंतरराष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण ऄजधजनयम, 2019 की धारा 12 और प्रजतभूजत ऄनुबंध (जिजनयमन) ऄजधजनयम, 1956 की धारा 4 द्वारा प्रदत्त िजियों का प्रयोग करत े हुए, ऄंतरराष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण (प्राजधकरण) आसके द्वारा ददनांक 6 ददसंबर, 2022 को िारी और ददनांक 9 ददसंबर, 2022 को भारत के रािपत्र, ऄसाधारण, भाग III, खण्ड 4 म ें प्रकाजित ऄजधसूचना संख्या 329/ अइएफएससीए/बुजलयन एमअइअइ/2021-22, म ें जनम्नजलजखत संिोधन करता ह,ै ऄथाात्:- ईि ऄजधसूचना म,ें - (क) पंजि दस म,ें िब्द "बुजलयन स्ट्पॉट जडलीिरी ऄनुबंध और ऄतं र्ननजहत बुजलयन के साथ बुजलयन जडपॉजिटरी रसीद" को, िब्द "बुजलयन ऄनबु ंध" से प्रजतस्ट्थाजपत दकया िाएगा। (ख) ऄंजतम पंजि म ें"समय-समय पर" िब्दों के बाद, जनम्नजलजखत स्ट्पष्टीकरण ऄंतःस्ट्थाजपत दकया िाएगा, ऄथाात:् - "स्ट्पष्टीकरण: - 'बुजलयन ऄनुबधं ' का िही ऄथा होगा िो ऄंतरराष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण (बुजलयन एक्सचेंि) जिजनयम, 2020 के ऄधीन आसे ददया गया ह।ै " यह ऄजधसूचना िासकीय रािपत्र में प्रकािन की तारीख स ेलागू होगी। के. रािारामन, ऄध्यक्ष [जिज्ञापन III/4/ऄसा./513/2023-24] 6834 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY NOTIFICATION Gandhinagar, the 25th October, 2023 No. 329/IFSCA/Bullion MIIs/2023-24.—In exercise of the powers conferred by Section 12 of the International Financial Services Centres Authority Act, 2019 and Section 4 of the Securities Contracts (Regulation) Act, 1956, the International Financial Services Centres Authority (Authority) hereby makes the following amendments in the notification No. 329/IFSCA/Bullion MIIs/2021-22 dated the 6th December, 2022 issued by the Authority, published in the Gazette of India, Extraordinary, Part III, Section 4, dated 9th December, 2022, namely:- In the said notification, - (A) in line ten, for the words “bullion spot delivery contract and bullion depository receipt with underlying bullion”, the words “bullion contracts” shall be substituted. (B) after the words “from time to time” in the last line, the following explanation shall be inserted, namely: - “Explanation: - „bullion contract‟ shall have same meaning as assigned to it under International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020.” This notification shall come into force from the date of publication in the Official Gazette. K. RAJARAMAN, Chairperson [ADVT.-III/4/Exty./513/2023-24] Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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