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Date: 11-Dec-2023 Category: Extra Ordinary State: Union Government Country: India

The International Financial Services Centres Authority, having considered the application by India International Bullion Exchange IFSC Limited

Issued by International Financial Services Centres Authority · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • The International Financial Services Centres Authority (IFSCA) has renewed the recognition of India International Bullion Exchange IFSC Limited (IIBX) as a Bullion Exchange and Bullion Clearing Corporation for another year.
  • This renewal is effective from December 9, 2023, to December 8, 2024.

Key Changes

  • IFSCA has renewed the recognition of IIBX as a Bullion Exchange and Bullion Clearing Corporation for one year.
  • The renewed recognition is subject to the conditions prescribed by IFSCA from time to time.
  • The definition of 'bullion contract' remains the same as defined under the International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020.
  • The renewal is granted under Section 12 of The International Financial Services Centres Authority Act, 2019 and Section 4 of the Securities Contracts (Regulation) Act, 1956, read with Regulation 6 of the International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020.

Impact Analysis

India International Bullion Exchange IFSC Limited

  • IIBX must ensure compliance with all conditions stipulated by IFSCA.

Bullion Market Participants

  • Participants should stay informed about any new conditions or regulations prescribed by IFSCA.

IFSCA

  • IFSCA will monitor IIBX's compliance with the prescribed conditions.

Key Entities Referenced

International Financial Services Centres Authority (IFSCA): The regulatory authority responsible for the development and regulation of financial services in International Financial Services Centres (IFSCs) in India. India International Bullion Exchange IFSC Limited (IIBX): A bullion exchange located in an IFSC in Gujarat, India. International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020: Regulations governing bullion exchanges in IFSCs. The International Financial Services Centres Authority Act, 2019: The Act establishing IFSCA and defining its powers and functions. Securities Contracts (Regulation) Act, 1956: An act to prevent undesirable transactions in securities.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-जी.जे.-अ.-12122023-250599 xxxGIDHxxx CG-GJ-E-12122023-250599 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 822] नई दिल्ली, सोमिार, दिसम्बर 11, 2023/अग्रहायण 20, 1945 No. 822] NEW DELHI, MONDAY, DECEMBER 11, 2023/AGRAHAYANA 20, 1945 अतं रराष्ट्रीय जित्तीय सिे ा केंद्र प्राजधकरण अजधसचू ना गांधीनगर, 8 दिसम्बर, 2023 स.ं आईएफएससीए-पीएमटीएस/9/2023-प्रजे ियस मटे ल्स:—अंतरराष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण, एतद्द्वारा इंजडया इंटरनेिनल बुजलयन एक्सचेंि आईएफएससी जलजमटेड, गुिरात के आिेिन पर अंतरराष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण (बुजलयन एक्सचेंि) जिजनयम, 2020 के जिजनयम 4 के अधीन मान्यता प्रिान करने के जलए जिचार करन े और इस बात से संतुष्ट होने के बाि दक ऐसा करना व्यापार, बुजलयन बािार और िनजहत में भी होगा, अंतरराष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण (बुजलयन एक्सचेंि) जिजनयम, 2020 के जिजनयम 6 के साथ पठित अंतरराष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण अजधजनयम, 2019 की धारा 12 और प्रजतभूजत संजििा (जिजनयमन) अजधजनयम, 1956 की धारा 4 द्वारा प्रित्त िजियों का प्रयोग करत े हुए बुजलयन अनुबंधों के संबंध म ें अधो िर्णित या यथा-जनधािठरत या भजिष्य म ें लगाई गई ितों के अध्यधीन एक िर्ि के जलए 9 दिसंबर 2023 से 8 दिसंबर 2024 तक बुजलयन एक्सचेंि और बुजलयन जक्लयररंग कापोरेिन के रूप म ें मान्यता का निीनीकरण प्रिान करता ह:ै • बुजलयन एक्सचेंि और बुजलयन जक्लयररंग कापोरेिन आईएफएससीए द्वारा समय-समय पर जनर्ििष्ट ितों का पालन करेगा। "स्ट्पष्टीकरण: - 'बुजलयन अनुबंध' का िही अथ ि होगा िो अतं रराष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण (बुजलयन एक्सचेंि) जिजनयम, 2020 के अधीन इसे दिया गया ह।ै " के. रािारामन , अध्यक्ष [जिज्ञापन-III/4/असा./604/2023-24] 7653 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY NOTIFICATION Gandhinagar, the 8th December, 2023 No. IFSCA-PMTS/9/2023-Precious Metals:—The International Financial Services Centres Authority, having considered the application by India International Bullion Exchange IFSC Limited, Gujarat for grant of recognition under Regulation 4 of the International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020 and being satisfied that it would be in the interest of the trade, bullion market and also in the public interest to do so, hereby grants, 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, read with Regulation 6 of the International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020 renewal of recognition to it as Bullion Exchange and Bullion Clearing Corporation for one year, commencing on the 9th day of December 2023 to 8th day of December 2024 in respect of bullion contracts, subject to the conditions stated herein below or as may be prescribed or imposed hereafter: • The Bullion Exchange and Bullion Clearing Corporation shall comply with conditions as may be prescribed by IFSCA from time to time. “Explanation: - “bullion contract‟ shall have same meaning as assigned to it under International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020.” K. RAJARAMAN, Chiarperson [ADVT.-III/4/Exty./604/2023-24] 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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