The International Financial Services Centres Authority through circular dated 20/09/2021 has issued FAQs on the Operating Guidelines of the Bullion Exchange, Clearing Corporation, Depositories & Vault Manager. The FAQs clarify that a customer transacting in BDR(Bullion Depository Receipt)can appoint a IFSCA recognized custodian. The custodian will act as a safe keeper of the customer’s BDR and can inter alia perform the following functions:
- Maintain the securities account on behalf of the customer.
- Clear and settle the transactions of the customer.
- Keep the customer informed of the actions taken or to be taken by the issuer of securities.
- Having a bearing on the benefits or rights accruing to the customer.