The International Financial Services Centres Authority (IFSCA) on May 01, 2024, issued a circular regarding the Qualified Suppliers' for the supply of bullion on India International Bullion Exchange IFSC Limited (IIBX) with reference to the IFSCA Circulars 415/IFSCA/Consolidated Operating Guidelines/2021-22 dated August 18, 2022 and F. No 329/IFSCA/Bullion MIIs/2023-24/03 dated December 11, 2023.
The Eligible foreign companies can now register as a Qualified Supplier on the IIBX as a "Special Category" Client (QS-SCC) or as a client (QS-Client) of a Bullion Trading Member, facilitating the supply of bullion at the IIBX. It is decided here to allow eligible units set up in the IFSC to supply bullion at IIBX, thereby expanding the scope of participation for IFSC entities and the pool of suppliers on the IIBX. These units will be able to apply to become Qualified Suppliers on IIBX (as QS-IFSC), provided they comply with the various guidelines, circulars, rules, etc. that the IFSCA issues regularly and as applicable to them. Any organization that has registered as a bullion market intermediary with the IFSCA.
QS-IFSC, unless a Bullion Trading Member, shall participate in IIBX only as a client through a Bullion Trading Member.
QS-IFSC may bring their bullion into any of the IIDIL empanelled Vaults operated by IFSCA registered Vault Managers – in GIFT IFSC or other SEZs.
QS-IFSC shall inform IIDIL and the IFSCA-registered Vault Manager about the supply of the bullion in the IIDIL empanelled Vault adhering to the good delivery standards prescribed by IIBX for the creation of the Bullion Depository Receipts (BDRs).
[Circular No. 329/IFSCA/Bullion MIIs/2024-25/02]
