GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI DEPARTMENT OF TRADE & TAXES (POLICY BRANCHI) VYAPAR BHAWAN, I.P. ESTATE, NEW DELHI-110002 No. F.3(409)/GST/Policy/2021/1054-1058 Dated: 04/03/2022 To. (i) All Special/Additional/Joint Commissioners (ii) All Ward Incharges Subject- The Instruction No. 02/2021-22/GST-Investigational regarding issuance of SCNs in time bound manner issued by the Central Board of Indirect Taxes was circulated vide policy branch letter No... ... ...

SCHEDULE - I Part-A [See Regulation 9] A bullion exchange or a bullion clearing corporation shall: (a) always abide by the provisions of the Act, the Securities Contracts (Regulation) Act, 1956, or any rules, notifications, regulations, circulars, guidelines or directions issued under these Acts. (b) adopt appropriate due diligence measures. (c) take effective measures to ensure implementation of risk management framework and good governance practices. ... ... ...

79. (1) On and from the commencement of these regulations, the International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020 shall stand repealed. (2) On and from the commencement of these regulations, the following circulars issued by the Authority shall stand superseded: a. Circular No. F. No.286/IFSCA/CMD-DMIIT/PM/2021 dated September 13, 2021 - Code of Conduct and Code of Ethics for the Directors and Key Management Personnel (KMP) of recognised Marke... ... ...

78. For the purposes of implementation of these regulations and matters incidental thereto, the Authority may specify norms, procedures, processes, manners or guidelines specified in these regulations, by way of circulars. =============... ... ...

77. (1) The Authority may, suo-motu or upon an application made by an entity covered under these regulations, for reasons to be recorded in writing, relax the strict enforcement of any requirements of these regulations, at any time, in the interests of development and regulation of financial services market in an International Financial Services Centre. (2) For seeking relaxation under sub-regulation (1), an application, giving details and the grounds on which such relaxation has been sou... ... ...

76. In order to remove any difficulties in the interpretation or application of the provisions of these regulations, the Authority may issue directions through guidance notes or circulars. =============... ... ...

75. (1) A bullion exchange and bullion clearing corporation shall, with the prior approval of the Authority, make bye-laws for the regulation of bullion contracts and its clearing and settlement, as the case may be, in accordance with Section 9 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and these regulations; (2) No memorandum of association, articles of association or any other constitutional documents, in so far as they relate to matters specified in section 3 of th... ... ...

74. (1) Every bullion exchange, bullion clearing corporation, bullion depository and intermediary shall pay the regulatory fee, as may be specified by the Authority. (2) Every bullion exchange, bullion clearing corporation, bullion depository and intermediary shall submit such further information or clarification with respect to fee payable as may be required under this regulation. =============... ... ...

73. (1) Every bullion exchange, bullion clearing corporation, bullion depository and vault manager shall furnish to the Authority such returns, statements and particulars, in the manner as may be specified by the Authority. (2) A bullion exchange and bullion clearing corporation shall include in their reports such information prescribed in rule 17 and rule 17A of the rules. (3) The annual financial statements and records referred to in sub-regulation (1) and (2) with respect to the pre... ... ...

72. (1) Every bullion exchange shall maintain and preserve the books of accounts and documents as prescribed under rule 14 of the rules, and such others records as may be specified by the Authority, in electronically retrievable form for a period specified in regulation 24. (2) Every bullion clearing corporation shall maintain and preserve the following books of accounts and documents in electronically retrievable form for a period specified in regulation 24, namely :- (a) Minute... ... ...

71. Every bullion exchange, bullion clearing corporation and bullion depository shall submit an audited net worth certificate issued by their statutory auditor on an annual basis, by the thirtieth day of September of every year, for the preceding financial year. =============... ... ...

CHAPTER XVIII MISCELLANEOUS 70. Every bullion exchange, bullion clearing corporation, bullion depository and vault manager shall maintain a website or any other universally accessible repository of electronic information to: i. publish all information that it is obliged to publish under these regulations; ii. host all rules, regulations, bye-laws and guidance issued by it, including all amendments therein; iii. provide information about the manner in which ap... ... ...

CHAPTER XVII LISTING OF SECURITIES 69. (1) A bullion exchange or bullion depository, as the case may be, may apply for listing of its securities on any recognised stock exchange if it has completed three years of continuous operations immediately preceding the date of application and has obtained prior approval of the Authority. (2) The Authority may specify such conditions as it may deem fit in the interest of bullion or securities market including those in relation to transfer of ... ... ...

68. (1) The Authority shall have the power to appoint an auditor to inspect or investigate into the books of accounts, records, documents, infrastructures, systems and procedures or affairs of a bullion exchange or bullion clearing corporation or bullion depository or vault manager or bullion trading member or bullion clearing member. (2) The Authority shall be entitled to recover from the bullion exchange or bullion clearing corporation or bullion depository or vault manager or bullion t... ... ...

67. Without prejudice to the powers exercisable by the Authority under the provisions of the Act, or any rules or regulations made thereunder, the Authority may, either suo- motu or on receipt of any information or during pendency of any inspection, enquiry or investigation or on completion thereof, in the interest of public or trade or investors or consumers or the securities market or bullion market in an International Financial Services Centre, issue such directions or take action, includ... ... ...

66. (1) The Authority may at any time undertake inspection, conduct enquiries and audit of any bullion exchange or bullion clearing corporation or bullion depository or vault manager or bullion trading member or bullion clearing member or their associates, their shareholders or associates and agents of such shareholders. (2) Where an inspection under sub-regulation (1) is undertaken by the Authority, such bullion exchange or bullion clearing corporation or bullion depository or vault mana... ... ...

CHAPTER XVI ENQUIRIES, INSPECTION AND ENFORCEMENT 65. The Authority may from time to time call for any information, documents or records from the bullion exchange or the bullion clearing corporation or the bullion depository or the vault manager, or their governing board or any shareholder thereof. =============... ... ...

CHAPTER XV REGISTRATION OF INTERMEDIARIES AND OTHER PERSONS 64. (1) No bullion trading member, bullion clearing member, participant, depositor, vault manager or such other intermediary who may be associated with the bullion market, as the Authority may specify, shall participate in any activity relating to the bullion market, except in accordance with the conditions of a certificate of registration obtained from the Authority including any other requirements as may be specified by the ... ... ...

63. If any question arises on the decision of a bullion exchange, bullion clearing corporation, bullion depository or vault manager as to whether a person is fit and proper, the decision of the Authority shall be final. =============... ... ...

62. If any director or key management personnel of a bullion exchange, bullion clearing corporation, bullion depository or vault manager is not deemed to be a fit and proper person as per the criteria specified in regulation 61, bullion exchange, bullion clearing corporation, bullion depository or vault manager shall replace such a person within thirty days from the date of such disqualification, failing which, the Authority may initiate the process of declaring the bullion exchange, bullion cle... ... ...