**Executive Summary**
This circular, issued by the International Financial Services Centres Authority (IFSCA) on September 11th, 2025, extends the applicability of existing "Market Access Circulars" (related to stock exchanges) to the Bullion Exchange and Bullion Trading Members in the IFSC. This decision aims to broaden the reach of the bullion market. The circular comes into force with immediate effect.
**Key Points / Main Content**
* **Extension of Market Access Circulars:**
* The "Market Access Circulars" are extended to the Bullion Exchange and Bullion Trading Members in the IFSC, following requests from market participants.
* The extension is *mutatis mutandis*, meaning with necessary modifications.
* **Responsibilities of the Bullion Exchange:**
* Amend its relevant rules, regulations, and bye-laws to implement the extension.
* Inform market participants of the provisions of this circular and disseminate the information on its website.
* **Legal Basis:**
* The circular is issued under Sections 12 and 13 of the International Financial Services Centres Authority Act, 2019, read with Regulation 78 of the IFSCA (Bullion Market) Regulations, 2025.
* **Effective Date:**
* The circular comes into force with immediate effect.
**Impact Analysis**
**Bullion Exchange**
* **Impact:** Required to amend its rules and regulations and disseminate information.
* **Action Required:** Amend rules and regulations, inform market participants and disseminate information on its website.
**Bullion Trading Members**
* **Impact:** Impacted by the extension of the "Market Access Circulars" to the bullion market.
* **Action Required:** Be aware of the extension and adhere to new changes once the Bullion Exchange implements this circular.
**Market Participants (Investors/Customers)**
* **Impact:** Will now have similar access to the investors/customers, through Authorized Persons, on bullion exchange in IFSC as they do on stock exchanges.
* **Action Required:** Stay informed of the changes being implemented.
Key Entities Referenced
International Financial Services Centres Authority Act, 2019: Governing law that empowers IFSCA.
International Financial Services Centres Authority (IFSCA): Regulatory authority for International Financial Services Centres.
IFSCA (Bullion Market) Regulations, 2025: Regulations specifically related to the Bullion Market under IFSCA.
International Financial Services Centre (IFSC): Jurisdiction where the rules apply.
Market Access Circulars: Prior circulars providing market access through Authorized Persons; now extended to the Bullion Exchange and Bullion Trading Members.
International Financial Services Centres Authority
CIRCULAR
IFSCA-PMTS/10/2023-Precious Metals 11th September 2025
To
Bullion Exchange in the International Financial Services Centre (IFSC)
Bullion Trading Members in the IFSC
Dear Sir/Madam
Market Access through Authorized Persons on Bullion Exchange
Reference is drawn to Circulars No. F No. 68/IFSCA/MRD-AP/2020-21 dated 14th
October 2020 and IFSCA/CMD-DMIIT/AP/2022-23/1 dated 29th April 2022 (hereinafter
collectively referred to as “Market Access Circulars”), vide which IFSCA has permitted
the stock brokers/broker dealers of the stock exchanges in IFSC to provide market
access to investors through Authorized Persons based in India as well as in foreign
jurisdictions, and has also provided therein the regulatory framework for the same.
2. IFSCA has received representations from market participants requesting similar
access to the investors/ customers, through Authorized Persons, on bullion
exchange in IFSC.
3. In view of the above and with an objective to expand the depth and reach of the
bullion market in IFSC, it is hereby decided to extend, mutatis mutandis, the
applicability of the abovementioned Market Access Circulars to the Bullion
Exchange and Bullion Trading Members.
4. In reference to the above, the Bullion Exchange is advised to:
Page 1 of 2a) make necessary amendments to its relevant rules, regulations and bye-laws for
the implementation of the above; and
b) bring the provisions of this circular to the notice of the market participants and
disseminate the same on its website.
5. 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 IFSCA (Bullion Market) Regulations, 2025, and shall come into
force with immediate effect.
6. 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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