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    <title>Conditions for grant of recognition as a Bullion Exchange or Bullion Clearing Corporation</title>
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    <description>Recognition requires a company limited by shares, a demutualised structure, fit-and-proper directors and shareholders, compliant ownership and governance, prescribed net worth, and adequate financial, functional and infrastructure capability. Bullion exchanges require orderly trading, real-time surveillance, member connectivity, consumer redressal, information dissemination, resilient systems and qualified personnel. Bullion clearing corporations require timely clearing and settlement infrastructure, risk management, netting, novation, settlement guarantees, connectivity, dispute resolution and agreements with a bullion depository and bullion exchange. In-principle approval is valid for one year and may be extended upon sufficient cause.</description>
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