The India International Bullion Exchange (IIBX) on January 10, 2024, issued a Circular regarding the Net worth requirement pertaining to Qualified Supplier- Client
The following has been stated namely: -
• It states that the minimum net worth requirement equivalent to US$ 3 Million as per the latest audited statement is required to be maintained at all times and it shall be the responsibility of the QS-Client to report immediately to IIBX of any shortfall/non-compliance of minimum net worth requirements.
• It states that the QS-Client is required to also provide details of their net worth (as per format attached as Annexure – A) duly certified by a Chartered Accountant/Certified Public Accountant/Cost Accountant/Management Accountant or a Company Secretary on a periodic basis as specified in the Table
• It further states that in case of any shortfall/non-compliance of the minimum net worth requirement, IIBX shall suspend the participation of the QS-Client from transacting on IIBX till the time the network is restored to the minimum required level.
[Circular No. 20240110-2]
