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Core Purpose

Amendment by the International Financial Services Centres Authority to its bullion market infrastructure institutions notification, redefining the scope of 'bullion contracts' and inserting an explanatory definition.

Detailed Summary

The International Financial Services Centres Authority issued Notification No. 329/IFSCA/Bullion MIIs/2023-24 dated 25th October 2023, in exercise of powers under Section 12 of the International Financial Services Centres Authority Act, 2019 and Section 4 of the Securities Contracts (Regulation) Act, 1956, amending its earlier Notification No. 329/IFSCA/Bullion MIIs/2021-22 dated 6th December 2022 (published in the Gazette of India, Extraordinary, Part III, Section 4, dated 9th December 2022): in line ten of the earlier notification, the words 'bullion spot delivery contract and bullion depository receipt with underlying bullion' are substituted with 'bullion contracts', and an explanation is inserted after the words 'from time to time' in the last line stating that 'bullion contract' shall have the same meaning as assigned to it under the International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020; the notification takes effect from the date of its publication in the Official Gazette and is signed by K. Rajaraman, Chairperson.

Full Text

6834 GI/202 3 (1) रजिस्ट्री सं. डी.एल.- 33004/99 REGD. No . D. L. -33004/99 EXTRAORDINARY PART III—Section 4 PUBLISHED BY AUTHORITY No. 731] NEW DELHI, FRIDAY , OCTOBER 27 , 2023/ KARTIKA 5, 1945 CG-GJ-E-27102023-249759 INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY NOTIFICATION Gandhinagar, the 25th October, 20 23 No. 329/IFSCA/Bullion MIIs/2023 -24.—In exercise of the powers conferred by Section 12 of the International Financial Services Centres Authority Act, 2019 and Section 4 of the Securities Contracts (Regulation) Act, 1956, the International Financial Servi ces Centres Authority (Authority) hereby makes the following amendments in the notification No. 329/IFSCA/Bullion MIIs/2021 -22 dated the 6th December, 2022 issued by the Authority, published in the Gazette of India, Extraordinary, Part III, Section 4, dated 9th December, 2022, namely: - In the said notification, - (A) in line ten, for the words “bullion spot delivery contract and bullion depository receipt with underlying bullion”, the words “bullion contracts” shall be substituted. (B) after the words “from time to time” in the last line, the following explanation shall be inserted, namely: - “Explanation: - „bullion contract‟ shall have same meaning as assigned to it under International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020.” This notification shall come into force from the date of publication in the Official Gazette. K. RAJARAMAN, Chairperson [ADVT. -III/4/Exty./51 3/2023 -24] Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi -110064 and Published by the Controller of Publications, Delhi -110054.

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