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Qualified Suppliers

Any entity who wants to supply bullion on IIBX and who being a body Corporate, i.e. a company, or a Limited Liability Company (LLC) or a Limited Liability Partnership (LLP), incorporated as per the applicable laws in the home jurisdiction shall be eligible to apply to become a designated “Qualified Supplier” (QS) on IIBX subject to submitting requisite documentation including Know Your Bullion Depositor (KYBD) form.

  • A Qualified Supplier can either participate as a Bullion Trading Member by submitting the Know Your Bullion Depositor (KYBD) form. As well as Eligible units set up in the IFSC can supply bullion at IIBX, i.e., they shall be eligible to apply to become a Qualified Supplier on IIBX (as QS-IFSC [refer Circular 329/IFSCA/Bullion MIIs/2024-25/02 issued on May 01, 2024 by IFSCA]), subject to compliance with various Regulations, Guidelines, Circulars, etc. issued by the IFSCA from time to time, as applicable to them and by requesting a No Objection from the IFSCA for this purpose. Bullion supplied at IIBX shall be sourced by such QS-IFSC directly from an LBMA-accredited refiner or a UAE Good Delivery – accredited refiner or an entity which is a member of at least one of the below mentioned associations/exchanges/jurisdictions, for a cumulative and contiguous period of five years: a) London Bullion Market Association (LBMA) b) CME Group (COMEX) c) Shanghai Gold Exchange International (SGEI) d) Dubai Gold & Commodities Exchange (DGCX) e) Dubai Multi Commodities Centre (DMCC) f) Borsa Istanbul (BIST) g) Or any other association / exchange as may be specified by the IFSCA from time to time. Bullion being supplied by QS-IFSC in the IIDIL empanelled Vaults for trading on the IIBX shall adhere to OECD Due Diligence Guidance for Responsible Supply Chain of Minerals from Conflict Affected and High-Risk Areas for establishing supply chain integrity.

  • Qualified Supplier can also participate as Qualified Supplier -Client. QS-Client shall approach a Bullion Trading Member / Bullion Trading cum Clearing Member / Bullion Trading cum Self Clearing Member (TM/TCM/TSM) for opening an account with them. QS-Client shall submit (a) the Know Your Bullion Depositor (KYBD) and requisite documents to IIBX, (b) requisite application forms and documents as specified by the India International Depository IFSC Limited (IIDI) for opening of Demat Account with them and (c) requisite application and other forms as required to the respective TM/TCM/TSM. QS-Client can supply bullion as well as trade in Bullion Depository Receipts (BDRs) on IIBX. QS-Client must have a minimum net worth equivalent to USD 6 Million or equivalent amount as per the latest audited statement.

  • Another category of Qualified Supplier enabled is Qualified Supplier - ‘Special Category’ Client(s) [QS-SCC]. QS-SCC applicant entity can approach any of the categories of Bullion Clearing Members from Bullion Trading cum Clearing Member / Bullion Trading cum Self Clearing Member / Professional Clearing Member (TCM/TSM/PCM) for opening a Special Category Client account with them. QS-SCC shall submit (a) the Know Your Bullion Depositor (KYBD) and requisite application forms and other documents to IIBX, (b) requisite application forms and documents as specified by the India International Depository IFSC Limited (IIDI) for opening of Demat Account with them and (c) requisite application and other forms to the respective TCM/TSM/PCM. QS-SCC can only participate on the ‘sell’ side and are not allowed to buy BDRs on IIBX. QS-SCC applicant entity must have a minimum net worth equivalent to USD 10 Million or equivalent amount as per the latest audited statement.


Qualified Suppliers are requested to refer to the website of India International Depository IFSC Limited (IIDI) (https://www.iidi.co.in) for further details with respect to the Depository. Qualified Supplier applicants are requested to refer IIBX circular no. 20240904-2 dated September 04, 2024 regarding revised eligibility criteria for onboarding of Qualified Suppliers, Forms & Formats. Qualified Suppliers may note that the 20240904-2 circular supersedes the below circulars issued by IIBX.
  • Circular No. 20220919-2 dated 19-09-2022.
  • Circular No. 20230615-1 dated 15-06-2023.