New Delhi, Oct 27 (SocialNews.XYZ) The International Financial Services Centres Authority (IFSCA) on Tuesday approved the bullion exchange regulations, paving the way for setting up the entire ecosystem for bullion trading.
The International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020 features functions, general obligations, ownership and governance structure of a bullion exchange and clearing corporation.
It also provides for the rights and obligations of bullion depositories, participants and beneficial owners among others.
The Centre, on the recommendation of IFSCA, notified the bullion spot delivery contract and bullion depository receipt (with bullion as underlying) as Financial Products and related services as Financial Services under the IFSCA Act, 2019 on August 31.
IFSCA has been tasked with the responsibility of operationalisation of this bullion Exchange. For the first time in India, a single regulator will be regulating both the bullion spot and derivative contracts that would be traded on the exchange.
The bullion exchange regulations envisage to provide an integrated platform for all the market intermediaries including trading members or clearing members, bullion depositories, vault managers among others, so as to facilitate transparency and traceability in the bullion market and standardisation of bullion contracts.
The authority also approved the International Financial Services Centres Authority (Global In-House Centres) Regulations, 2020, which allows global in-house centres to conduct its business in any mode permitted by the authority, including branch mode.
Source: IANS
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