IFSCA Lowers Bullion Trading Membership Experience Criteria

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.

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