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

Ganga Bullion, a trading member of IIBX, is reviewing its ongoing compliance duties. Which obligation is most clearly part of operating as an IIBX member dealing in imports for clients?

An IIBX trading member must maintain proper records and follow know-your-customer and anti-money-laundering requirements for clients trading in bullion. It does not need a banking licence, a prospectus filing or Central Government approval for each trade.

  1. AMaintaining records and following know-your-customer and anti-money-laundering requirements for clients trading in bullionCorrect
  2. BObtaining a banking licence from the Reserve Bank of India before each trade
  3. CFiling a prospectus with the Registrar of Companies for each trade
  4. DSeeking approval of the Central Government for every purchase above one kilogram

Explanation

Members must follow IFSCA requirements including KYC, AML and record-keeping for clients. The other options describe obligations that do not arise for bullion trades on IIBX.

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