The International Financial Services Centres Authority (IFSCA) is the unified regulatory authority established under the International Financial Services Centres Authority Act, 2019 for the development and regulation of financial products, financial services and financial institutions operating in International Financial Services Centres (IFSCs) in India. IFSCA was established on 27 April 2020 and is headquartered at GIFT City, Gandhinagar, Gujarat.
GIFT IFSC is India's maiden International Financial Services Centre and is envisioned as a globally competitive financial hub connecting India with international markets. IFSCA adopts a holistic regulatory approach aimed at fostering innovation, promoting ease of doing business, strengthening market infrastructure and establishing a robust and internationally aligned regulatory environment.
Metals and Commodities is one of the key business activities regulated within GIFT IFSC. Recognising the strategic importance of bullion to India's economy and its position in global trade, IFSCA has established a comprehensive regulatory framework for the development of a transparent, efficient and internationally connected bullion market.
The IFSCA (Bullion Market) Regulations, 2025, notified on 13 February 2025, provide a comprehensive regulatory framework for the bullion market in GIFT IFSC. The Regulations replaced the earlier IFSCA (Bullion Exchange) Regulations, 2020 and expanded the regulatory framework beyond the exchange to encompass the broader bullion market ecosystem.
The regulatory framework provides for appropriate standards and requirements relating to bullion market infrastructure and participants, including Bullion Exchanges, Bullion Clearing Corporations and other participants in the bullion ecosystem. It is designed to support sound market infrastructure, effective risk management, transparency, integrity and orderly development of the bullion market.
India International Bullion Exchange IFSC Limited (IIBX) operates in GIFT IFSC under the regulatory supervision of IFSCA and is India's first International Bullion Exchange. IIBX provides a regulated and technology-enabled marketplace for bullion trading and facilitates an integrated ecosystem encompassing trading, clearing, settlement and physical delivery of bullion. Through its regulatory framework and supervision, IFSCA plays a pivotal role in enabling the development of a transparent, efficient, secure and globally competitive bullion market in GIFT IFSC. The framework seeks to strengthen price discovery, market integrity and participation while supporting the integration of India's bullion market with the international bullion ecosystem.
The continued development of the bullion market under the IFSCA framework reinforces GIFT IFSC as an international hub for bullion trading, investment and related financial services, and supports India's broader objective of establishing a globally integrated and efficient bullion market.
Regulatory Framework: IIBX operates in accordance with the applicable Acts, Regulations, Rules, Circulars and Guidelines issued by IFSCA and other relevant authorities from time to time.