The International Financial Services Centres Authority (“IFSCA”), in exercise of powers conferred under Section 12 and Section 13 of the International Financial Services Centres Authority Act 2019 and Regulation 78 of the IFSCA (Bullion Market) Regulations, 2025, vide IFSCA-PMTS/10/2023-Precious Metals,[1] dated September 22, 2025, has issued certain amendments to the eligibility criteria for the bullion trading members under IFSCA. The provisions laid hereunder shall come into effect immediately.
I. Background
(a) IFSCA had issued certain Operating Guidelines dated August 25, 2021, to regulate the bullion exchange, bullion clearing corporation, bullion depository, and vault managers. The said guidelines included the eligibility conditions for entities seeking membership as bullion trading members. One of the key conditions stated therein was that the trading members must have at least 1 (one) employee with a minimum of 3 (three) years of experience specifically in the precious metals industry.
(b) Following requests and feedback from various market participants and stakeholders, IFSCA reviewed the practical challenges faced by entities in meeting the existing eligibility criteria. Based on this review, the Authority has decided to ease the experience requirements in order to facilitate wider participation in the IFSC bullion ecosystem without compromising on the quality of market expertise.
II. Revised Eligibility Criteria
(a) The amended guidelines now permits trading members to meet the eligibility condition by employing at least 1 (one) individual with a minimum of 2 (two) years of experience in any of the following areas: (i) Securities markets; (ii) Foreign exchange markets; and (iii) Precious metals industry.
(b) This change reduces the required experience threshold from 3 (three) to 2 (two) years and expands the scope of relevant experience beyond just the precious metals sectors.
[1]https://ifsca.gov.in/CommonDirect/GetFileView?id=21626bde60601ef44a0ed02201e28587&fileName=Circular___Eligibility_criteria_for_Bullion_Trading_Members___Amendment_to_Bullion_Operating_Guidelines_pdf_20250922_0858.pdf