Bullion exchange shareholding requires qualified anchor ownership and restricts other persons from exceeding the prescribed equity cap.

Shareholding in a bullion exchange must be held through a qualifying bullion or stock exchange, or through a joint venture of market infrastructure institutions meeting prescribed ownership thresholds. Where a joint venture holds the exchange, qualifying bullion exchanges or stock exchanges must directly or indirectly retain the required majority shareholding in that joint venture. Other persons may not, individually or with persons acting in concert, directly or indirectly acquire or hold beyond the prescribed ceiling.

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