The International Financial Services Centres Authority (IFSCA) on August 05, 2024, issued a Consultation Paper on Proposed IFSCA (Bullion Market) Regulations, 2024.
The IFSCA has initiated a review process for the Bullion Regulations, inviting suggestions from the public and regulated entities through a public consultation announced on October 30, 2023. After considering the feedback, the proposed Bullion Market Regulations have been refined and include references from existing MII Regulations, relevant committee reports, and SEBI regulations.
The proposed regulations are intended to replace the existing Bullion Regulations to align with other equivalent regulations within the IFSC. This change is part of a broader effort to simplify, ease, and reduce the cost of compliance, as highlighted by the Union Finance Minister in the Union Budget for FY 2023-24.
The new Bullion Market Regulations aim to create a comprehensive regulatory framework that fosters the growth and development of the bullion market ecosystem in IFSC. The regulations are expected to enhance transparency, and ease of doing business, and ensure orderly governance of the market, ultimately contributing to a more efficient and robust bullion market ecosystem in IFSC.
Comments may be sent by September 20, 2024, at the latest.
The consultation paper is attached to the document.
