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CS Professional · IFSCA - Regulations, Listing and Compliances · India International Bullion Exchange (IIBX)

Anaya Gold Refiners wants to sell gold on IIBX from a foreign supplier. For compliance, the bullion deposited at the Vault Manager must meet which requirement?

Bullion deposited for trading on IIBX must meet the prescribed quality and fineness standards, known as good delivery standards, so that vault receipts are standardised and tradable. Any-purity deposits, jewellery form or seller self-certification do not satisfy the exchange's requirements.

  1. AIt must conform to the prescribed quality and fineness standards, such as good delivery standards, for bullion traded on the exchangeCorrect
  2. BIt may be of any purity as price is adjusted later by the buyer
  3. CIt must be melted into jewellery before deposit
  4. DIt must be certified only by the seller's own auditor

Explanation

Bullion accepted into the IIBX ecosystem must meet specified fineness and good delivery standards so that vault receipts are fungible and tradable. Arbitrary purity, jewellery form or self-certification would defeat standardisation.

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