IFSCA Lowers Bullion Trading Membership Experience Criteria

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  • Last Updated on 24 September, 2025

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IFSCA lowers experience requirement for bullion members

Circular No. IFSCA-PMTS/10/2023-Precious Metals, dated 22.09.2025

1. Introduction

The International Financial Services Centres Authority (IFSCA) has introduced an amendment to the Operating Guidelines for bullion trading members. This change relates specifically to the eligibility criteria that applicants must meet in order to operate as trading members in the bullion market. The revised norms aim to broaden participation while maintaining professional expertise standards within the sector.

2. Previous Requirement

Under the earlier framework, a bullion trading member was required to employ at least one individual with a minimum of three years’ experience in the precious metals industry. This criterion ensured that trading members had access to skilled professionals with adequate knowledge of the bullion sector, thereby safeguarding market integrity and promoting informed trading practices.

3. Revised Eligibility Criteria

The new amendment has eased the requirement by allowing members to appoint an employee with not less than two years of experience in related fields such as securities, foreign exchange, or precious metals. This revision significantly widens the pool of eligible professionals, recognising the interconnected nature of financial markets and the transferable skills across these domains.

4. Implications of the Amendment

By reducing the years of required experience and expanding the scope to include expertise in securities and foreign exchange, the IFSCA is making it easier for entities to qualify as bullion trading members. This move is expected to encourage greater participation, attract diverse market players, and provide flexibility to firms looking to strengthen their workforce with professionals from allied financial sectors.

5. Conclusion

The amendment to the Operating Guidelines reflects IFSCA’s intent to facilitate market access while maintaining professional competence standards. By relaxing the experience requirement and acknowledging related industry expertise, the authority is fostering inclusivity and promoting growth in the bullion market. This regulatory shift is likely to boost efficiency, innovation, and competitiveness in India’s international financial services ecosystem.

Click Here To Read The Full Circular

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Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied