IFSCA Allows Market Access via Authorised Persons on Bullion Exchange

Circular No. IFSCA-PMTS/10/2023-Precious Metals; Dated: 11.09.2025

1. Introduction

The International Financial Services Centres Authority (IFSCA) has continued its efforts to strengthen the capital and bullion markets within the IFSC by expanding the scope of participation for investors. This move aims to create a more inclusive and accessible ecosystem for market participants while ensuring that regulatory safeguards remain intact.

2. Background of the Earlier Circular

Vide its Circular dated April 29, 2022, the IFSCA had initially permitted stock brokers to extend market access to investors through Authorised Persons (APs). This framework was designed to allow brokers to reach a wider pool of investors, both in India and foreign jurisdictions, while operating under defined regulatory oversight. The measure successfully streamlined participation in securities markets.

3. Industry Representations and Requests

Following this development, IFSCA began receiving multiple representations from market participants. These stakeholders requested that a similar facility be extended to the bullion segment, particularly on the bullion exchange operating within the IFSC. The demand underscored the industry’s recognition of bullion as a key asset class and the need for broader accessibility for investors.

4. Extension to Bullion Exchange

Responding to these requests, IFSCA has now permitted bullion trading members to provide market access to investors and customers through Authorised Persons on the bullion exchange. This extension harmonises the regulatory treatment of securities and bullion markets within the IFSC and allows investors a smoother channel for participation in bullion trading.

5. Conclusion

The decision to allow Authorised Persons to operate in the bullion exchange marks a significant step in enhancing market depth and investor accessibility within the IFSC framework. By addressing the concerns of stakeholders, IFSCA has not only promoted inclusivity but also reinforced its role in developing IFSC as a competitive and well-regulated global financial hub.

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