The India International Financial Services Centres Authority (IFSCA) has notified the IFSCA (Bullion Market) Regulations, 2025, replacing the IFSCA (Bullion Exchange) Regulations, 2020 and broadening the framework to cover not only the Bullion Exchange but other bullion market participants. The new regulations are intended to remove the need to refer to the IFSCA (Market Infrastructure Institutions) Regulations, 2021 to address conflicts or inconsistencies across the two regimes. Key changes include minimum net worth requirements of USD 10 million each for a Bullion Exchange and a Bullion Clearing Corporation, with IFSCA able to specify higher net worth as a risk management measure based on the nature and scale of business. The regulations also define “key management personnel”, broaden the definition of “consumer” to include constituents of a bullion trading member or a special category client specified in IFSCA circulars, and introduce the term “non-independent directors” (replacing “shareholder directors”). They add a code of conduct for bullion market infrastructure institutions, require Bullion Clearing Corporations to maintain a framework for orderly winding down of critical operations and services, incorporate provisions on appointing a Chief Risk Officer, Chief Legal Officer and Chief Information Security Officer, and introduce a chapter on inspection, enquiries and enforcement.

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