Bullion exchange ownership requires recognised exchange or infrastructure participation while limiting other investors' direct and concerted shareholdings.

Shareholding in a bullion exchange must be held either by a recognised bullion exchange or stock exchange with at least twenty-six per cent of paid-up equity capital, or by a joint venture of recognised market infrastructure institutions holding at least fifty-one per cent. Recognised exchanges must directly or indirectly hold at least fifty-one per cent in such joint venture. Other persons may not acquire or hold more than twenty-five per cent, individually or with persons acting in concert.

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