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The International Financial Services Centres Authority extends the timeline for minimum net worth and base minimum capital requirements for bullion intermediaries by six months. The extension applies to bullion trading members and clearing members in the International Financial Services Centre. The new deadline is January 28, 2024, or the date when the authority issues revised guidelines, whichever is earlier. The authority issues this circular under Section 12 of the International Financial Services Centres Authority Act, 2019.
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[Image omitted. See the official document.]
CIRCULAR
F. No. 329/IFSCA/Bullion MIIs/2023-24/01
August 07, 2023
To
Bullion Exchange in the International Financial Services Centre (IFSC) Bullion Clearing Corporation in the IFSC Bullion intermediaries in the IFSC
Dear Sir/Madam
Bullion Trading Members and Clearing Members in IFSC
This has reference to IFSCA's circular F.No.329/IFSCA/Bullion MIIs/2021 dated September 17, 2021 (Circular) regarding the captioned subject. IFSCA had extended the initial 6 months period specified in paragraphs 3 and 4 of the aforementioned Circular by an additional period of 6 months i.e., till July 28, 2023 vide circular F. No. 329/IFSCA/Bullion MIIs/2022-23 dated January 27, 2023.
It has now been decided to extend the period specified in paragraphs 3 and 4 of the Circular by a further period of 6 months i.e., till January 28, 2024 or till the time IFSCA issues revised guidelines/handbook/circular specifying the requirements of minimum Net worth and Base Minimum Capital for Bullion intermediaries, whichever is earlier.
This circular is issued in exercise of powers conferred by Section 12 of the International Financial Services Centres Authority Act, 2019 to develop and regulate the financial products, financial services and financial institutions in the International Financial Services Centres.
[Image omitted. See the official document.]
A copy of this circular is available on the website of the International Financial Services Centres Authority at www.ifsca.gov.in.
Yours faithfully
(Kamlesh Sharma) General Manager Department of Metals and Commodities email: kamlesh.sharma27@ifsca.gov.in Tel: +91 79 6180 9810
