Fit and proper shareholder requirements govern acquisitions and holdings in bullion exchanges and clearing corporations, with approval for significant ownership.

Direct or indirect acquisition or holding of equity shares or voting rights in a bullion exchange or bullion clearing corporation requires the shareholder to be a fit and proper person, 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. Applications must be made through the concerned bullion exchange or bullion clearing corporation, which must verify shareholder declarations or undertakings and forward the application with its recommendation.

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