The International Financial Services Centres Authority (IFSCA) on October 30, 2023, issued a notification regarding seeking suggestions for the review of IFSCA (Bullion Exchange) Regulations, 2020.
“To simplify, ease, and reduce the cost of compliance, financial sector regulators will be requested to carry out a comprehensive review of existing regulations. For this, they will consider suggestions from public and regulated entities....”.
With a view to seek guidance in navigating the policy challenges related to the bullion industry in IFSC, IFSCA has also constituted a ‘Precious Metals Advisory Committee.’
The Committee, amongst other things, is expected to recommend short, medium, and long-term vision/roadmap for IFSCA for the development of the precious metals’ ecosystem at IFSC and provide insights on prevailing regulatory practices in the precious metal ecosystem across key international financial jurisdictions and to recommend a desirable approach for IFSCA.
Suggestions may be sent electronically by November 30, 2023.
