Vault manager registration and operational rules require infrastructure, gold standard compliance and controlled creation of Electronic Gold Receipts. These regulations create a framework for registration and supervision of Vault Managers providing vaulting services for trading in Electronic Gold Receipts, specifying eligibility (corporate form, minimum net worth, financial security deposit, infrastructure and insurance), detailed operational duties (acceptance through accredited refineries, adherence to gold standard, storage in recognised vaults, creation of Electronic Gold Receipts only against physical gold, recordkeeping and reconciliation), procedures for creation and withdrawal of Electronic Gold Receipts via depositories, indemnity for depositor loss, inspection and audit powers of the Board, and enforcement under the intermediaries' regulatory provisions.
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Provisions expressly mentioned in the judgment/order text.
Vault manager registration and operational rules require infrastructure, gold standard compliance and controlled creation of Electronic Gold Receipts.
These regulations create a framework for registration and supervision of Vault Managers providing vaulting services for trading in Electronic Gold Receipts, specifying eligibility (corporate form, minimum net worth, financial security deposit, infrastructure and insurance), detailed operational duties (acceptance through accredited refineries, adherence to gold standard, storage in recognised vaults, creation of Electronic Gold Receipts only against physical gold, recordkeeping and reconciliation), procedures for creation and withdrawal of Electronic Gold Receipts via depositories, indemnity for depositor loss, inspection and audit powers of the Board, and enforcement under the intermediaries' regulatory provisions.
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