Fit and proper shareholding requires approval for substantial ownership in bullion exchanges and bullion clearing corporations.

Direct or indirect holders of equity shares or voting rights in a bullion exchange or bullion clearing corporation must be fit and proper persons, subject to an exception for holdings below two per cent. Holdings exceeding five per cent of paid-up equity shares or voting rights require prior approval of the Authority. The application must be routed through the concerned bullion exchange or bullion clearing corporation, which must verify shareholder declarations or undertakings and submit the application with its recommendation.

---

---

---