IFSCA prescribes the quarterly non-compliance report format for bullion exchange and clearing corporation
TaxByKK · Compliance News · taxbykk.com12 Nov 2026
In short
IFSCA has prescribed the format in which the Compliance Officer of a bullion exchange or bullion clearing corporation in the IFSC must report non-compliance each quarter under regulation 31(2) of the IFSCA (Bullion Market) Regulations, 2025. The report goes to IFSCA within 45 calendar days of the end of each quarter, and a Nil Report is required if there was no non-compliance. The circular is effective immediately. Immediate and independent reporting of any non-compliance, which the Compliance Officer already had to do, continues.
- Authority
- International Financial Services Centres Authority (IFSCA), Department of Metals and Commodities
- Circular
- IFSCA-PMTS/10/2023-Precious Metals/2026/8
- Date
- 12 November 2026
- Addressed to
- Bullion Exchange and Bullion Clearing Corporation in the IFSC
- Issued under
- Sections 12 and 13 of the IFSCA Act, 2019, read with regulation 78 of the Bullion Market Regulations, 2025
- Reporting period and due date
- Each quarter; within 45 calendar days from the end of the quarter
- Effective
- Immediately
What changed
| Item | Before | Now |
|---|---|---|
| Quarterly report by the Compliance Officer (regulation 31(2)) | Required by the 2025 Regulations, 'in a manner specified by the Authority' | Format now specified in the Annexure |
| No non-compliance in the quarter | - | A Nil Report must still be submitted within the 45 days |
| Columns in the format | - | Provision breached, details, reasons, whether first instance, period of continuation, corrective measures or any regulatory action, whether it continues on the reporting date, and expected timeline and measures to rectify |
The circular does not give the first quarter for which a report is due, does not say how the report is to be submitted (portal or e-mail), and does not state any penalty for late filing.
Who it applies to
- Bullion exchange and bullion clearing corporation in GIFT IFSC
- Their Compliance Officers
- CAs, CSs and lawyers advising IFSC market infrastructure institutions
What to do
- Compliance Officers should set up the quarterly report in the Annexure format and diarise the 45-day due date.
- Keep the database of non-compliance instances that the circular says has been a duty since the 2020 Regulations.
- File a Nil Report where there is nothing to report.
Reference
IFSCA Circular No. IFSCA-PMTS/10/2023-Precious Metals/2026/8 dated 12 November 2026, Format for reporting of non-compliance(s) under the IFSCA (Bullion Market) Regulations, 2025.
Read the official PDF: IFSCA circular 12 Nov 2026Written by TaxByKK from the official notification. Check the official text before you act on it.
Frequently asked questions
When is the report due?
Within 45 calendar days from the end of each quarter.
Is a report needed if nothing went wrong?
Yes. A Nil Report must be submitted.
Who files it?
The Compliance Officer of the bullion exchange or bullion clearing corporation.