The IFSCA (Bullion Market) Regulations, 2025 have been notified in the Official Gazette on February 13, 2025. The following are the salient features of the Bullion Market Regulations:
- The name of the regulations has been changed from the Bullion ‘Exchange’ Regulations to Bullion ‘Market’ Regulations to reflect the wider scope of the Regulations as they cover not only the Bullion Exchange but other participants of the bullion market also.
- Net worth: The Bullion Market Regulations prescribe minimum net worth as USD 10 million each for a Bullion Exchange and a Bullion Clearing Corporation. If required, as a risk management measure, IFSCA may specify higher net worth for a Bullion exchange or a Bullion clearing corporation based on the nature
and scale of their respective business.’ - Key Management Personnel (KMP): KMP which had not been defined in the IFSCA (Bullion Exchange) Regulations, 2020, has been defined now in Regulation 2 (1) (t) of the Bullion Market Regulations. The new definition of KMP includes, among other things, individuals with an ability to influence decisions as well as
those involved in the core functions.
