The International Financial Services Centres Authority (IFSCA) on February 22, 2024, issued a notification regarding Bullion Trading Members and Clearing Members in GIFT- IFSC.
This pertains to IFSCA's circular concerning the subject mentioned. IFSCA has extended the initial 6-month period outlined in paragraphs 3 and 4 of the aforementioned circular by an additional 6 months, until July 28, 2023, as per circular F. No. 329/IFSCA/Bullion MIIs/2022-23 dated January 27, 2023, and until January 28, 2024, per circular F. No. 329/IFSCA/Bullion MIIs/2023-24/01 dated August 07, 2023.
Further, it has been decided to extend the period specified in paragraphs 3 and 4 of the circular by an additional 6 months, until July 28, 2024, or until IFSCA issues revised guidelines/handbook/circular specifying the requirements of minimum Net worth and Base Minimum Capital for Bullion intermediaries, whichever occurs earlier.
This circular is issued under the authority of Section 12 of the International Financial Services Centres Authority Act, 2019, empowering IFSCA to develop and regulate financial products, financial services, and financial institutions in the International Financial Services Centres.
[Notification No. 329/IFSCA/Bullion MIIs/2023-24/04]
