Consultation Paper on the IFSCA (Bullion Market) Regulations

IFSCA has issued a Consultation Paper on the IFSCA (Bullion Market) Regulations. An applicant seeking recognition as a bullion exchange or bullion clearing corporation, as the case may be, shall comply with the following conditions, namely:-

1. The applicant is a company limited by shares;
2. The applicant is demutualized;
3. The applicant, its directors and its shareholders who hold or intend to hold shares, who are fit and proper persons as specified in these regulations;
4. The applicant satisfies the requirements relating to ownership and governance structure specified in these regulations;
5. The applicant satisfies the net worth requirements specified in these regulations;
6. The applicant has the requisite capability including its financial capacity, functional expertise and infrastructure.