Provisional attachment powers and recovery-related functions under the Delhi Goods and Services Tax Act, 2017 may be exercised by all Assistant Commissioners and Goods and Services Tax Officers only after obtaining prior case-specific approval from the Commissioner, State Tax. The arrangement partially modifies earlier delegation orders and takes effect immediately.

Timely issuance of show cause notices is required to preserve the statutory period available for GST adjudication. In non-fraud cases, notices must be issued at least three months before expiry of the three-year period for issuing an adjudication order. In fraud, wilful misstatement, or suppression cases, notices must be issued at least six months before expiry of the five-year order-making period. Ward and zonal in-charges should identify cases requiring action and ensure time-bound completion of proceedings.

Bullion exchanges, clearing corporations and depositories must maintain legal compliance, due diligence, risk management, governance, fair dealing, customer or investor protection, and prompt reporting of relevant violations. Governing boards must oversee critical operations, technology, compliance, risk, audit and grievances; maintain an independently functioning three-lines-of-defence structure; establish measurable risk-appetite controls; and review products and revenue streams for compliance and risk. Directors, committee members and key management personnel must act with integrity, protect confidential information, disclose interests, avoid conflicts and misuse of position, and ensure regulatory compliance.

Regulation 79 repeals the earlier bullion exchange framework and supersedes specified circulars on governance, securities-dealing disclosures, and net-worth requirements. Repeal and savings preserve prior registrations, approvals, proceedings, investigations, pending applications, accrued rights, liabilities, penalties and remedies through corresponding provisions. References to the repealed framework are construed as references to the corresponding provisions, and prior circulars and guidelines continue unless specifically superseded or modified, except for circulars expressly superseded.

Implementation of the International Financial Services Centres Authority (Bullion Market) Regulations, 2025 may be supported by norms, procedures, processes, manners or guidelines specified by the Authority through circulars, including for matters incidental to implementation of the regulatory framework.

The Authority may relax strict enforcement of Bullion Market regulatory requirements on its own motion or upon an application by a covered entity, where written reasons support the interests of developing and regulating the financial services market in an International Financial Services Centre. Applications must state relevant details and grounds, be accompanied by the prescribed non-refundable fee, and be processed within thirty days once complete. Reasons for acceptance or refusal must be recorded, and rejection reasons must be communicated to the applicant.

Power to remove difficulties authorises the Authority to issue directions through guidance notes or circulars where difficulties arise in interpreting or applying the International Financial Services Centres Authority (Bullion Market) Regulations, 2025. The mechanism facilitates interpretation and application of those regulations.

Prior approval of the Authority is required for bullion exchanges and bullion clearing corporations to make or amend bye-laws and constitutional documents concerning regulated matters. Proposed amendments require governing board approval, shareholder approval where applicable, submission for regulatory approval, and Gazette and State publication where applicable. Applications must include board minutes, shareholder resolutions and public consultation. Amendments pursuant to regulations, circulars or similar instruments issued by the Authority are exempt from shareholder approval and public criticism.

Every bullion exchange, bullion clearing corporation, bullion depository and intermediary must pay regulatory fees as specified by the Authority. They must also provide further information or clarification required in relation to fees payable, creating a compliance obligation for regulatory-fee assessment and verification.

Bullion exchanges, bullion clearing corporations, bullion depositories and vault managers must furnish returns, statements and particulars in the specified manner. Bullion exchanges and bullion clearing corporations must also report information prescribed under the applicable rules. Annual financial statements and records for the preceding financial year must be submitted by 30 September each year.

Bullion exchanges and clearing corporations must preserve prescribed books, documents and operational records in electronically retrievable form for the applicable retention period. Clearing-corporation records include governance minutes, clearing-member and settlement details, transactions, security and margin deposits, client margin collections, ledgers, journals, cash books and bank statements. Bullion depositories, vault managers and other prescribed intermediaries must preserve books of account and documents electronically for at least eight years.

Annual net worth certification requires every bullion exchange, bullion clearing corporation and bullion depository to submit an audited net worth certificate issued by its statutory auditor. The certificate must be furnished annually by 30 September for the preceding financial year.

Bullion exchanges, bullion clearing corporations, bullion depositories and vault managers must maintain a website or other universally accessible electronic information repository. The repository must publish information required under the regulations, host applicable rules, regulations, bye-laws, guidance and amendments, explain procedures for membership or association applications, and provide material information about the entity's functions.

Listing of securities by a bullion exchange or bullion depository on a recognised stock exchange requires three years of continuous operations immediately before the application and prior approval of the Authority. The Authority may impose market-interest conditions, including conditions governing transfer of shares held by any person in the bullion exchange or bullion depository.

Authority appointment of auditor enables inspection or investigation of the books of account, records, documents, infrastructure, systems, procedures and affairs of bullion exchanges, bullion clearing corporations, bullion depositories, vault managers, bullion trading members and bullion clearing members. Expenses incurred for the audit or investigation, including auditor fees, may be recovered from the relevant regulated entity.

Regulation 67 confers broad enforcement powers to issue directions and take action against regulated bullion-market entities and associated persons. Directions or action may be initiated suo motu, upon receipt of information, during an inspection, enquiry or investigation, or after its completion. Action may include penalties and may be taken to protect the public, trade, investors, consumers, securities market, or bullion market.

Inspection, enquiry and audit powers permit the Authority to inspect, conduct enquiries into, and audit bullion market entities, including exchanges, clearing corporations, depositories, vault managers, trading members and clearing members, as well as specified associated persons, shareholders and shareholder agents. Entities and persons subject to inspection, including senior management, directors, officers and employees, must cooperate.

Power to call for information permits the Authority to require information, documents or records from a bullion exchange, bullion clearing corporation, bullion depository, vault manager, their governing boards, or any shareholder of those entities for enquiries, inspection and enforcement in the bullion market.

Bullion-market intermediaries must obtain and comply with a certificate of registration before undertaking bullion-market activities. They must satisfy fit and proper criteria, and registration applications are processed by the relevant bullion exchange, clearing corporation or depository subject to prescribed eligibility conditions. Registration may be suspended or cancelled on the Authority's own motion or recommendation, after an opportunity of hearing except where registration is voluntarily surrendered. Voluntary surrender becomes effective only upon approval.

Fit and proper requirements for persons connected with a bullion exchange, bullion clearing corporation, bullion depository or vault manager are subject to the Authority's final determination where a question arises from the decision of any such entity. The Authority's decision is conclusive on the fit and proper status of the person concerned.