Bullion import through IIBX enables eligible market participants to purchase bullion on a transparent, exchange-driven platform and import eligible Gold or Silver into India through the regulatory framework prescribed by IFSCA and other applicable authorities.
Eligible participants include:
Importing through IIBX offers:
Eligible participants may import:
subject to applicable contract specifications and regulatory approvals.
Bullion imports through IIBX are governed by applicable regulations issued by IFSCA along with other applicable Government of India regulations, notifications and circulars.
A Qualified Jeweller (QJ) is an eligible entity recognized under the applicable IFSCA framework and permitted to purchase Bullion Depository Receipts (BDRs) on IIBX for importing eligible bullion into India.
No. Only eligible entities recognized under the applicable regulatory framework may import bullion through IIBX.
Foreign entities may participate only where permitted under the applicable regulatory framework and Exchange regulations.
Yes. RBI-authorized banks permitted under applicable regulations may participate through the framework prescribed by IFSCA.
Yes. Eligible SEZ jewellery units satisfying the prescribed eligibility criteria may import bullion through IIBX.
Gold products are available based on:
Available purity variants include:
Gold may be sourced from:
LBMA products originate from LBMA-approved refineries, while UAEGD products originate from UAE Good Delivery approved refineries.
Yes. Eligible Silver contracts are available for import through IIBX.
Silver products with 999 purity include:
CEPA contracts are available under the applicable India–UAE CEPA framework, whereas Non-CEPA contracts follow the standard import route.
Eligible participants purchase bullion through electronic trading on IIBX using standardized contracts.
depending on the selected contract.
A Bullion Depository Receipt (BDR) is the electronic representation of physical bullion held in approved vaults and used for settlement of Spot Market trades.
BDR settlements are processed every 30 minutes.
Currently, delivery infrastructure is available at:
TRQ (Tariff Rate Quota) is a preferential import framework available under the India–UAE Comprehensive Economic Partnership Agreement (CEPA) for eligible UAE-origin Gold products.
Only eligible UAEGD Gold products meeting the prescribed conditions are eligible under the TRQ framework.
Yes. A valid Country of Origin Certificate issued by the competent UAE authority is mandatory for TRQ Gold imports.
No. LBMA Gold contracts are available only under the Non-TRQ category.
Eligible imports may receive applicable customs duty concessions under the India–UAE CEPA framework, subject to prevailing Government regulations.
| TRQ | Non-TRQ |
|---|---|
| Available only for eligible UAEGD Gold | Available across eligible refinery categories |
| Requires TRQ allocation | No TRQ allocation required |
| Country of Origin mandatory | Not applicable |
| Eligible for CEPA duty benefits | Standard customs duty applicable |
Eligible Qualified Suppliers include approved suppliers sourcing bullion from:
Yes. Qualified Suppliers are permitted to buy and sell eligible bullion contracts on IIBX.
Depending on the participant category, documents may include:
Yes. Qualified Jewellers are required to comply with applicable GST requirements as prescribed under the eligibility framework.
Yes. All eligible participants must comply with applicable AML/CFT, KYC and regulatory requirements.
Ownership is transferred after successful completion of settlement in accordance with the applicable contract specifications.
Physical bullion is held in approved vault infrastructure and represented electronically through Bullion Depository Receipts (BDRs) until delivery or withdrawal in accordance with applicable procedures.
Subject to applicable regulations and contract specifications, eligible bullion represented through BDRs may be traded on the Exchange.
The latest regulations, circulars, notifications and operational guidelines are available in the Regulations and Circulars sections of the IIBX website.
Participants may contact the IIBX Membership, Operations or Business development teams for guidance on eligibility, onboarding, trading, settlement and import procedures.
Membership at IIBX enables eligible entities to participate in the Exchange as authorized market participants for trading, clearing, and settlement of bullion products in accordance with the applicable regulatory framework.
Eligible entities that satisfy the criteria prescribed by IIBX and IFSCA may apply for membership.
IIBX offers various membership categories, including:
Depending on the membership category, Members may:
Membership is governed by the Rules, Bye-laws, Regulations and Circulars of IIBX and the applicable regulatory framework prescribed by the International Financial Services Centres Authority (IFSCA).
Eligible applicants may include companies, financial institutions, banks, brokers and other entities that meet the prescribed financial, operational, governance and regulatory requirements.
Yes. Eligible foreign entities may apply for membership, subject to applicable IFSCA regulations and Exchange requirements.
Yes. Banks meeting the prescribed eligibility criteria may apply under the applicable membership category.
Depending on the membership category, applicants may be required to demonstrate relevant experience, operational capability and compliance readiness.
Yes. Applicants must satisfy the minimum capital or net worth requirements prescribed for the applicable membership category.
A Trading Member is authorized to execute trades on the Exchange for eligible clients or proprietary accounts but clears trades through an authorized Clearing Member.
A TSM is authorized to trade and clear its own trades without using another Clearing Member.
A TCM can trade for itself and its clients and also provide clearing services for eligible participants.
A PCM provides clearing and settlement services to Trading Members in accordance with Exchange regulations.
Yes. Subject to eligibility criteria, approvals and regulatory requirements, Members may apply for a change in membership category.
Applicants must submit the application on membership onboarding portal with the submission of required supporting documents and applicable fees.
Membership forms are available in the Membership section of the IIBX website.
Yes. Applicable application and admission fees are specified in the Membership section of the website.
The onboarding timeline depends on the completeness of the application, document verification, regulatory approvals and successful completion of technical and operational requirements.
Applicants may be required to submit:
Yes. IIBX may request additional information or documents during the evaluation process.
Yes. Foreign applicants may need to provide additional regulatory approvals and jurisdiction-specific documentation.
Where prescribed, documents should be certified by authorized officials or competent authorities.
No. Processing generally begins only after receipt of a complete application and all required documents.
Applications are reviewed based on eligibility, financial capability, operational readiness, governance standards, regulatory compliance and due diligence.
Yes. IIBX conducts due diligence before granting membership approval.
Yes. Applications that do not meet the prescribed eligibility or regulatory requirements may be rejected.
Yes. Applicants may be requested to rectify deficiencies or provide additional information before further processing.
Depending on the membership category and regulatory requirements, applicants may be required to participate in discussions or demonstrate operational readiness.
Members may connect through approved interfaces such as Web Trading, CTCL, APIs, DMA and other Exchange-supported connectivity options.
Yes. The Exchange may provide required training sessions, operational guidance and technical support to facilitate onboarding.
Yes. Members may participate in mock trading or certification exercises before commencing live trading.
Where APIs are used, successful testing and certification is required before production access is granted.
After approval, Members complete onboarding activities including:
Trading may commence after all regulatory, operational, technology and clearing requirements have been successfully completed.
Yes. Approved Members receive Exchange-assigned identifiers and authorized user credentials.
Yes. Members must continuously comply with the prescribed financial and capital adequacy requirements.
Yes. Membership may be suspended or terminated in accordance with the Exchange Rules, Bye-laws, Regulations and applicable regulatory provisions.
Members are required to comply with:
Yes. Members may be required to submit periodic financial, regulatory and operational reports.
The Exchange may initiate disciplinary or regulatory action in accordance with its Rules, Bye-laws and applicable regulations.
Depending on the membership category, Members may be required to pay:
The latest Membership criteria, eligibility conditions, application forms, fee schedules, Rules, Regulations and Circulars are available in the Membership section of the IIBX website.
IIBX publishes the trading hours for all market segments, including Spot and Futures Markets, on its website. Participants are advised to refer to the latest Market Timings notification for current trading schedules.
No. Trading hours may vary depending on the product, market segment, contract type, and Exchange notifications.
No. Trading is conducted only on Exchange business days, excluding notified holidays.
The latest market timings are available under the Market Timings section of the IIBX website and are updated whenever changes are announced.
Yes. The Exchange may revise market timings, trading sessions, or settlement schedules through official circulars or notifications.
Depending on the market segment, trading may include:
The Continuous Trading Session is the period during which participants may place, modify, cancel, and execute orders on the Exchange.
Yes. The Exchange follows defined market opening procedures before commencement of trading.
After market closure, the Exchange undertakes post-trading activities, including trade validation, clearing, settlement processing, and reporting.
Order entry availability depends on the applicable trading session and Exchange rules for the relevant market segment.
Spot Market trading hours are published by the Exchange and may differ from other market segments.
Eligible Spot contracts are traded during the prescribed Spot Market trading hours as notified by the Exchange.
Yes. Settlement activities are conducted according to the settlement schedule specified by the Exchange and may continue after trading closes.
Yes. The Exchange may modify trading or settlement timings under exceptional circumstances or regulatory directions.
Yes. Futures Market trading hours may differ from Spot Market timings depending on contract specifications and Exchange notifications.
Trading availability depends on the prescribed trading hours for the respective Futures contracts.
Open positions remain active until they are squared off, expire, or are settled in accordance with the applicable contract specifications.
Settlement is carried out according to the settlement schedule applicable to the contract and market segment.
Spot Market settlements are processed periodically during the trading day in accordance with the Exchange's operational procedures.
Yes. Settlement schedules are published by the Exchange and may be updated through operational circulars.
Yes. Clearing and settlement activities may continue after the trading session has closed.
Yes. IIBX publishes an annual Holiday Calendar indicating Exchange holidays and trading holidays.
The Holiday Calendar is available under the Market Timings or Downloads section of the IIBX website.
Yes. The Exchange may notify additional holidays or revise the Holiday Calendar based on regulatory or government notifications.
No. Clearing and settlement activities are conducted only on applicable business days unless otherwise notified.
Order acceptance outside trading hours depends on the applicable market session and Exchange procedures.
Yes. Depending on the order validity selected (such as GTC or GTD), eligible orders may remain active in accordance with Exchange rules.
Yes. Eligible orders may be modified or cancelled during the applicable trading session, subject to Exchange rules.
Treatment of unmatched orders depends on the order validity instruction and Exchange procedures.
Participants may be permitted to log in before the commencement of trading for operational readiness, subject to system availability.
Trade confirmations, settlement reports, and other operational reports are made available according to the Exchange's reporting schedule.
Margin obligations are calculated as per the Exchange's risk management framework and communicated through the prescribed reporting process.
Market reports are generally published after the completion of trading and settlement activities.
Yes. The Exchange may conduct special trading sessions, mock trading sessions, or extended trading sessions whenever required.
The Exchange communicates special sessions through official circulars, notices, email communications, and website announcements.
Yes. Trading hours may be extended or modified depending on operational requirements, regulatory directions, or market conditions.
Yes. Unless otherwise specified, Exchange timings are generally published in Indian Standard Time (IST).
Yes. International participants should convert the published Exchange timings to their local time zone where applicable.
Participants should:
The Exchange follows established operational and business continuity procedures to address technical issues and communicate with participants as required.
Yes. Wherever practicable, changes to market timings are announced through official circulars and website notifications.
Participants may receive updates through:
Generally, yes. However, timings may be revised due to regulatory changes, operational requirements, special trading sessions, or exceptional circumstances.
Yes. Participants are required to comply with all settlement timelines prescribed by the Exchange.
For assistance regarding trading sessions, settlement schedules, market holidays, or operational timings, participants may contact the IIBX Operations Team using the contact details available on the IIBX website.
Risk management helps ensure the safety, integrity and orderly functioning of the market by managing financial, operational and settlement risks.
The framework aims to:
The framework addresses:
Spot Market risk is primarily managed through advance pay-in requirements for both Bullion Depository Receipts (BDRs) and funds before order execution. This prefunded approach significantly reduces settlement risk.
Yes. Participants are required to comply with the prescribed advance pay-in obligations based on the applicable contract specifications.
Since T+0 Spot contracts are fully prefunded, settlement risk is substantially minimized.
Risk management includes:
Initial Margin is collected before trade execution to cover potential future exposure arising from adverse market movements.
Daily Mark-to-Market (MTM) settlement adjusts profits and losses on open futures positions based on daily settlement prices, thereby reducing the accumulation of credit risk.
Additional Margin may be imposed during periods of increased market volatility or heightened risk.
Special Margin may be introduced by the Exchange under exceptional market conditions to safeguard market integrity.
Concentration Margin is designed to address risks arising from large positions held by a participant in a particular contract or product.
The Settlement Guarantee Fund provides an additional layer of financial protection to support settlement continuity and strengthen confidence in the clearing process.
IIBX follows an established default management framework, which may include utilization of margins, deposits, the Settlement Guarantee Fund, and other risk mitigation measures in accordance with applicable rules.
Participant exposures are monitored continuously using automated risk management systems and predefined risk parameters.
Yes. IIBX conducts real-time and end-of-day market surveillance to identify unusual trading patterns, market abuse and other potential irregularities.
Market surveillance is the process of monitoring trading activity to ensure fair, transparent and orderly market operations.
Yes. IIBX and its market participants operate within applicable Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulatory requirements.
Operational risk is managed through:
IIBX has business continuity and disaster recovery arrangements designed to maintain operational resilience and minimize disruption.
The Exchange employs secure technology infrastructure, controlled access, system monitoring and information security measures to safeguard market operations.
Participants connect through approved, authenticated and secure connectivity channels supported by the Exchange's technology infrastructure.
Market integrity is supported through:
IFSCA provides the regulatory framework and oversight under which IIBX establishes and operates its risk management, surveillance and governance systems.
Participants can access the latest rules, regulations, circulars, risk management policies and operational guidelines through the Regulations, Circulars and Downloads sections of the IIBX website.
Settlement is the process through which the obligations arising from executed trades are fulfilled by the exchange of funds and Bullion Depository Receipts (BDRs) or physical bullion, as applicable.
Clearing and settlement are undertaken through India International Bullion Exchange IFSC Limited (IIBX), the clearing department with IIBX, in accordance with the applicable Rules, Regulations and operational procedures.
The settlement framework aims to ensure:
Settlement applies to:
Settlement is supported through the Exchange's risk management framework, margins, collateral requirements, and the Settlement Guarantee Fund (SGF), where applicable.
Spot contracts are available with:
T+0 settlement means that the trade is settled on the same trading day, subject to the applicable settlement schedule.
T+2 settlement means that settlement is completed on the second business day after the trade date.
Settlement cycles are prescribed in the relevant contract specifications and may be revised by the Exchange through official notifications.
Yes. Settlement schedules may be revised through Exchange Circulars or operational notices.
Funds are settled electronically through designated clearing bank accounts maintained by eligible participants.
Yes. All settlement payments are processed electronically through approved banking channels.
The Exchange empanels approved Clearing Banks for processing settlement obligations. The current list of Clearing Banks is available on the IIBX website.
A Clearing Bank is a bank approved by the Exchange to facilitate settlement of funds between participants and the Clearing Corporation.
Subject to Exchange policies and operational requirements, participants may register one or more approved settlement bank accounts.
Advance Pay-in is the requirement for participants to deposit funds and/or Bullion Depository Receipts (BDRs) before placing or executing trades, depending on the contract specifications.
Yes. Advance Pay-in is mandatory for eligible Spot contracts as specified by the Exchange.
Generally before placing orders:
Generally:
Advance Pay-in significantly reduces settlement risk and enhances settlement certainty.
Depending on the contract specifications, Futures contracts may be settled through:
MTM Settlement is the daily adjustment of gains and losses based on the daily settlement price of Futures contracts.
Daily MTM reduces credit exposure by settling profits and losses on an ongoing basis rather than only at contract expiry.
Where physical delivery is applicable, delivery is completed in accordance with the Exchange's delivery intention, matching, premium/discount, and settlement procedures.
Contracts are settled according to the settlement mechanism specified in the respective contract specifications.
The process generally includes:
Obligation determination is the calculation of each participant's settlement obligations based on executed trades.
Participants are informed of their settlement obligations and are required to fulfil them within the prescribed timelines.
Settlement reports and confirmations are made available electronically through the Exchange's reporting systems.
Yes. Authorized participants may download settlement reports through the Exchange's reporting facilities.
The Clearing Corporation initiates its default management procedures in accordance with the applicable Rules, Regulations and risk management framework.
Yes. The Settlement Guarantee Fund provides an additional layer of protection to support settlement continuity.
Where applicable, settlement shortages, delays or defaults may attract actions prescribed under the Exchange's Rules, Regulations and Circulars.
Settlement risk is mitigated through:
Participants should ensure:
Yes. Authorized participants can access settlement obligations and reports through the Exchange's secure participant portal.
Participants should immediately contact the Clearing Operations team and provide the relevant transaction details for verification and resolution.
Settlement instructions may be modified only where permitted under the applicable operational procedures and within prescribed timelines.
Detailed settlement procedures, operating guidelines, Clearing Regulations and Circulars are available in the Clearing & Settlement, Downloads, and Regulations sections of the IIBX website.
For assistance with settlement obligations, funds transfers, clearing bank arrangements, BDR settlement, delivery, or operational queries, participants may contact the IIBX Clearing Operations Team through the contact details available on the IIBX website.
IIBX provides a secure, resilient and scalable technology infrastructure to support electronic trading, clearing, settlement and market operations across Spot and Futures markets. The platform supports browser-based access, desktop applications, APIs and institutional connectivity.
Technology services are available to eligible market participants, including Members, Clearing Members, Special Category Clients and other authorized participants, subject to onboarding and regulatory approvals.
The platform offers:
Yes. Participants can access the platform through approved browser-based and desktop-based trading applications.
User IDs and login credentials are issued after successful onboarding by the Exchange and completion of the required participant registration process.
Participants should use the password reset facility, where available, or contact the IIBX Operations Support team or their Member Administrator for assistance.
Participants should follow the Exchange's password policy and information security guidelines regarding password complexity and periodic updates.
IIBX supports:
Computer-to-Computer Link (CTCL) enables automated connectivity between a participant's trading system and the IIBX trading platform.
IBT enables participants to access the Exchange securely through internet-enabled trading applications.
DMA enables eligible participants to directly access the Exchange's trading infrastructure through approved arrangements.
Sponsored Access allows eligible participants to access the Exchange through approved sponsoring arrangements, subject to Exchange policies.
Yes. IIBX provides APIs for system integration, automation and straight-through processing.
APIs may support:
API access is available to eligible participants after approval and completion of the prescribed technical onboarding process.
Yes. API specifications, technical documentation and integration guidelines are available through the Technology section of the website.
Yes. Participants should do the complete testing and certification before accessing the production environment.
Approved trading applications and supporting utilities are available in the Downloads section of the Technology page.
Yes. Installation guides and technical support are available to assist participants during setup.
Depending on the operating system and organizational IT policies, administrator privileges may be required for installation
Software update procedures are communicated through Exchange notifications. Participants should ensure that only approved versions are used.
The latest approved software version is published on the IIBX website or communicated through Exchange circulars.
Yes. Authorized participants can access real-time market data through approved Exchange platforms and authorized datafeed vendors.
Historical market data may be made available in accordance with Exchange policies and applicable subscriptions.
Only authorized datafeed vendors approved by IIBX may distribute Exchange market data.
User manuals are available in the Technology → User Manuals section of the website.
Yes. Technical file layouts, interface specifications and reporting formats are available for participant integration.
IIBX employs secure authentication, controlled access, encrypted communications, system monitoring and operational security measures to protect participant data and transactions.
Immediately change your password, inform your organization's administrator, and contact the IIBX Technology & Operations Support team.
Yes. Sessions may automatically expire after a period of inactivity in accordance with Exchange security policies.
Where implemented by the Exchange, participants may be required to use multi-factor authentication to enhance account security.
You should:
Verify that:
Reconnect using the approved access channel. If the issue continues, contact the Technology Support team immediately.
Planned maintenance windows are announced through Exchange circulars, notices and website updates.
IIBX follows established Business Continuity and Disaster Recovery (BCP/DR) procedures to minimize disruption and restore services promptly.
Participants can contact the IIBX Technology Support team through the contact details published on the Contact Us page of the website.
To help resolve issues quickly, provide:
Yes. Technical support is generally available during Exchange operating hours, with additional support arrangements for scheduled maintenance and critical incidents.
Technology-related announcements are published through:
Participants requiring assistance with APIs, connectivity, system certification or technical onboarding should contact the IIBX Technology Team using the contact information available on the website.
IIBX Circulars are official communications issued by the Exchange to inform market participants about regulatory updates, operational changes, product launches, system enhancements, procedures, compliance requirements, and other Exchange-related matters.
IIBX Regulations comprise the legal and operational framework governing trading, clearing, settlement, membership, market conduct, technology, risk management, and participant obligations on the Exchange.
Circulars contain important information that may affect trading, settlement, compliance, technology, operational procedures, and participant responsibilities.
Yes. Participants are expected to comply with all applicable Circulars, Rules, Regulations, Bye-laws, and operating procedures issued by IIBX and applicable regulatory authorities.
The latest Circulars are available in the Circulars section of the IIBX website and are organized by year, category, or subject.
IIBX is regulated by the International Financial Services Centres Authority (IFSCA), which is responsible for regulating financial products, financial services, and financial institutions operating in IFSCs.
The regulatory framework includes:
Depending on the subject matter, regulations and notifications may be issued by:
| Document | Purpose |
|---|---|
| Bye-laws | Fundamental governance framework of the Exchange |
| Rules | Administrative and operational provisions |
| Regulations | Detailed procedures governing market operations |
| Circulars | Day-to-day operational instructions, amendments and clarifications |
Participants should familiarize themselves with:
Circulars may relate to:
Yes. Circulars are generally categorized based on their subject matter to facilitate easy search and reference.
Yes. Participants may access archived Circulars for previous years through the Circulars section of the website.
Yes. A new Circular may amend, replace, or supersede an earlier Circular. Participants should always refer to the most recent applicable Circular.
Superseding or amending Circulars generally reference the earlier Circular number or subject. The latest version should always be followed.
Yes. Compliance with applicable Circulars is a condition of participation on the Exchange.
Non-compliance may result in actions under the applicable regulatory framework, including restrictions, penalties, suspension, or other measures as prescribed.
Yes. Regulatory and operational compliance requirements are communicated through Circulars whenever applicable.
Where relevant, Circulars apply to members and their clients, depending on the subject matter and regulatory provisions.
Yes. Members are expected to communicate relevant regulatory and operational changes to their clients wherever applicable.
Yes. Trading procedures, order management processes, product specifications, settlement cycles, and operational guidelines may be updated through Circulars.
Yes. Product specifications may be amended by the Exchange through official Circulars.
Changes in market timings are announced through official Circulars and website notifications.
Yes. Settlement procedures may be revised in accordance with regulatory changes or operational requirements.
Yes. Margin requirements, risk controls, exposure limits, and other risk management measures may be updated through Circulars.
Yes. System upgrades, software releases, API enhancements, maintenance windows, and connectivity changes are communicated through Circulars.
Where practicable, maintenance schedules and planned outages are notified in advance.
Where notified by the Exchange, participants are expected to migrate to supported software versions within the prescribed timelines.
The website may provide links or references to relevant IFSCA Circulars affecting market participants. Users should also refer to the IFSCA website for official publications.
Where relevant to Exchange operations, IIBX may publish or reference important RBI, DGFT, or other regulatory notifications affecting participants.
Participants importing bullion should regularly review Circulars relating to:
The effective date is specified in the respective Circular. Participants should review each Circular carefully for implementation timelines.
Yes. Circulars are available for download in PDF format.
Yes. Users can browse Circulars by year or publication date.
Yes. Circulars may be filtered by subject, department, or operational category.
Yes. The latest version of Exchange Rules, Bye-laws, Regulations, and operational manuals are available for download from the website.
Exchange Rules, Bye-laws, and Regulations are framed by the Exchange and are subject to the applicable regulatory approval requirements prescribed by IFSCA.
Participants may submit suggestions or feedback to the Exchange. Any regulatory changes are considered in accordance with the applicable governance and approval processes.
The Exchange reviews its regulatory framework periodically to align with evolving market practices, regulatory developments, and operational requirements.
An operational notice generally communicates short-term information (such as maintenance windows or reminders), whereas a Circular typically communicates formal regulatory or procedural changes.
The latest version published by the Exchange is the applicable version unless otherwise specified.
Participants can stay informed by:
Applicable Circulars issued by the Exchange under its regulatory framework are binding on participants to the extent specified in the governing Rules, Bye-laws, Regulations, and applicable law.
Participants should contact the relevant IIBX department (Membership, Trading, Clearing, Operations, Technology, or Compliance) for clarification.
For queries related to regulatory documents, participants may contact the IIBX Compliance Team or Member Services through the contact details provided on the IIBX website.
A Bullion Depository Receipt (BDR) is an electronic record representing ownership of physical bullion deposited in an approved vault. BDRs facilitate electronic trading, clearing and settlement on IIBX without requiring movement of physical bullion for every transaction.
India International Depository IFSC Limited (IIDI) is the depository operating in GIFT IFSC that provides depository services for bullion and securities. It maintains electronic records of Bullion Depository Receipts (BDRs) and supports secure ownership transfer and settlement.
IIBX provides the trading, clearing and settlement infrastructure, while IIDI acts as the depository responsible for maintaining BDRs in electronic form and facilitating ownership transfers during settlement.
BDRs enable:
No. Ownership is transferred electronically through BDRs. Physical bullion moves only when delivery or withdrawal is requested under the applicable procedures.
Eligible investors and market participants permitted under the applicable IFSCA framework may open a demat account with IIDI through an authorized Depository Participant (DP).
Yes. Since Spot Market settlement takes place through Bullion Depository Receipts (BDRs), participants must maintain the necessary depository arrangements as prescribed.
Your Bullion Demat Account is maintained by IIDI through an authorized Depository Participant (DP).
Yes. A demat account may hold multiple BDRs representing different bullion products, subject to applicable rules and operational guidelines.
Eligible foreign investors may open accounts subject to applicable IFSCA regulations, KYC requirements and depository guidelines.
Each BDR represents ownership of a specified quantity and quality of bullion held in an approved vault, as defined under the applicable product specifications.
Yes. Every BDR represents corresponding physical bullion stored in an approved vault and recorded within the depository system.
Yes. Eligible BDRs are traded electronically on IIBX through the Spot Market.
Yes. Ownership transfers occur electronically through IIDI during settlement.
Where permitted under applicable regulations and depository procedures, BDRs may be eligible for pledge or other approved depository services.
Yes. Eligible BDR holders may request withdrawal of the underlying bullion in accordance with applicable Exchange, Depository and Vault procedures.
BDR Creation is the process by which eligible physical bullion deposited in an approved vault is converted into electronic Bullion Depository Receipts (BDRs).
Eligible Qualified Suppliers and other authorized participants, subject to applicable regulations and operational procedures, may create BDRs.
Bullion must generally:
Bullion is verified by approved service providers and vault operators in accordance with prescribed quality assurance and operational procedures before electronic BDR issuance.
BDR Extinguishment is the process through which electronic BDRs are cancelled following the withdrawal or release of the corresponding physical bullion.
A BDR is extinguished when:
No. Once extinguished, a BDR ceases to exist and cannot be traded.
Physical bullion is stored in IFSCA-approved and IIDI-empanelled vaults that meet prescribed security and operational standards.
No. Vaults are independent facilities approved under the applicable regulatory framework and empanelled by IIDI. They operate separately from IIBX.
Vaults are responsible for:
Bullion stored in approved vaults is handled in accordance with applicable custody, security and insurance arrangements prescribed by the relevant parties and operational framework.
Upon successful settlement of a Spot Market trade, ownership of the relevant BDRs is transferred electronically from the seller's demat account to the buyer's demat account.
Spot Market BDR settlements are processed in periodic settlement batches throughout the trading day.
Transfers are governed by the applicable depository regulations and operational procedures prescribed by IIDI and the regulatory framework.
IIDI provides services including:
Participants may access their holdings through their Depository Participant (DP) or the applicable depository access channels provided by IIDI.
Yes. Participants can obtain electronic statements through their Depository Participant in accordance with applicable depository procedures.
Participants should immediately contact their Depository Participant to block access, reset credentials and follow prescribed security procedures.
IIDI maintains a secure depository infrastructure with electronic recordkeeping, access controls, audit trails and operational safeguards designed to protect participant holdings.
Yes. Every BDR transaction is electronically recorded, enabling a complete audit trail of ownership transfers and settlement activities.
Yes. BDR issuance, transfer and maintenance operate within the applicable regulatory framework prescribed for IFSCA-regulated market infrastructure.
| Physical Bullion | Bullion Depository Receipt (BDR) |
|---|---|
| Physical metal | Electronic representation of ownership |
| Stored in vault | Held in demat account |
| Physical movement required | Electronic transfer |
| Manual delivery | Electronic settlement |
Yes. Participants may continue holding BDRs electronically in their demat accounts until they choose to trade or request physical withdrawal, subject to applicable rules.
Detailed operational procedures, process flows and related documentation are available in the Depository Services or Downloads section of the IIBX/IIDI website.
For assistance with demat accounts, BDR creation, BDR extinguishment, transfers or other depository services, participants may contact their Depository Participant or the IIDI support team through the contact details provided on the IIDI website.
Vaulting refers to the secure storage and custody of physical bullion in approved vaults that support trading, settlement and Bullion Depository Receipt (BDR) services on IIBX.
Approved vaults ensure that bullion traded on IIBX is:
Vaults are operated by independent vault service providers approved under the applicable regulatory framework and empanelled by India International Depository IFSC Limited (IIDI). They operate independently of IIBX.
No. IIBX does not own or operate vaults. Approved vault operators provide secure storage infrastructure while IIBX facilitates trading and settlement.
Approved delivery centres currently include:
Additional locations may be notified by IIBX from time to time.
Eligible Gold and Silver bullion meeting the prescribed product specifications and refinery standards may be accepted for storage.
Yes. Bullion undergoes verification and quality checks before being accepted into the approved vaulting system.
Each deposited bullion lot is identified through standardized records that enable traceability throughout its lifecycle.
Approved vault operators maintain security and custody arrangements in accordance with applicable contractual and regulatory requirements.
Yes. Bullion is inspected and verified against the applicable product specifications before acceptance into the vaulting system.
Eligible participants deposit bullion through approved operational procedures. After successful verification and acceptance, Bullion Depository Receipts (BDRs) may be created.
Yes. Eligible BDR holders may request withdrawal of physical bullion in accordance with applicable Exchange, Depository and vault procedures.
Required documentation may include:
Partial withdrawal is subject to the applicable contract specifications, lot sizes and operational guidelines.
The corresponding Bullion Depository Receipts (BDRs) are extinguished, and the physical bullion is released to the eligible holder.
Physical bullion stored in approved vaults is represented electronically by Bullion Depository Receipts (BDRs), enabling seamless electronic trading and settlement.
No. Every BDR is backed by corresponding physical bullion held in an approved vault.
No. Ownership is transferred electronically through BDRs. Physical movement occurs only upon delivery or withdrawal.
Electronic ownership records are maintained by India International Depository IFSC Limited (IIDI).
Yes. Electronic records maintained by IIDI provide complete traceability of deposited bullion and corresponding BDRs.