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Constitution of Precious Metals Advisory Committee (PMAC)

It was announced in the Union Budget 2018-19 that the Government would formulate a comprehensive Gold Policy to develop gold as an asset class and establish a consumer-friendly and trade-efficient system of regulated gold exchanges in the country*.

As announced in the Union Budget 2020-21, an International Bullion Exchange at IFSC was set up under the regulatory ambit of the IFSCA that will enhance India’s position in global bullion markets.

The initial work on the conception of India International Bullion Exchange (IIBX) was carried out by the IFSCA, based on inputs from the concerned departments/agencies of the Government of India, the World Gold Council (WGC), the India Gold Policy Centre (IGPC), industry / trade bodies, and GIFT City.

The IIBX was promoted by a consortium of five major Market Infrastructure Institutions (MIIs) in India and the GIFT-IFSC and was formally launched by the Hon’ble Prime Minister Shri Narendra Modi on July 29, 2022.

While with the migration to ICEGATE, the volumes are expected to pick up to their potential, the IFSCA has been looking to take all necessary steps, on various fronts, to ensure a wider participation and greater initial liquidity on IIBX.

Going forward, IFSCA’s aim is to enable IIBX to facilitate trading in a range of products, including derivatives and leasing products, in order to attract participants from around the world, including Indian and foreign banks.

In view of the scope and complexity of the tasks involved, an independent Precious Metals Advisory Committee (PMAC) has been constituted at IFSCA to obtain inputs on strategic and operational aspects, products, processes, and other relevant issues for the development of the precious metals’ ecosystem at GIFT-IFSC in particular and the entire gold economy of India in general.

The constitution and Terms of Reference of the committee may be accessed through the following weblink:
https://ifsca.gov.in/IFSCACommittees

Constitution of Precious Metals Advisory Committee (PMAC)

Sr. No. Details of Committee Member Capacity
1 Mr. Somasundaram PR, MD & Regional CEO, World Gold Council, India Chairman
2 Mr. Sunil Kashyap, Director, FINMET Member
3 Mr. Sabyasachi Ray, Executive Director, The Gem & Jewlery Export Promotion Council of India Member
4 Mr. Mark Woolley, Managing Director, Brinks UK Member
5 Mr. Haresh Acharya, Director, Parker Precious Metals and National Director, Indian Bullion and Jeweler's Association (IBJA) Member
6 Mr. Surendra Mehta, National Secretary, Indian Bullion and Jewellers Association (IBJA) Member
7 Mr. Harish Chopra, Vice President, India Gold Policy Centre, IIM-Ahmedabad Member
8 Mr. Ajit Mauskar, Director, World Gold Council, India Member
9 Mr. Manish Goel, Head of Bullion and Retail Bullion Products, ICICI Bank Member
10 Mr. Chirag Sheth, Principal Consultant – South Asia, Metals Focus Member
11 Mr. Prakash Shah, Head, Precious Metals, APAC Region, Deutsche Bank Member
12 Mr. Sudheesh Nambiath, Manager, Dubai Multi Commodities Centre Member
13 Mr. Kamlesh Sharma, Head of Department of Metals and Commodities, IFSCA Member Secretary

General Terms of Reference of the Committee are as follows

To identify existing and emerging opportunities in Exchange / OTC trades in gold and other precious metals, for IFSCA,

To recommend short, medium, and long-term vision/roadmap for IFSCA for development of the precious metals’ ecosystem at IFSC,

To provide insights on prevailing regulatory practises in the precious metals ecosystem across key international financial jurisdictions and to recommend a desirable approach for IFSCA,

To provide views/inputs on the following on an ongoing basis:

a) Steps for bringing volumes and business, including new products/features on IIBX,
b) Expected role and participation of banks, financial institutions, and other categories of institutions and participants,
c) Developing financing structures/products for bullion and dore,
d) Policy proposals for developing refining activity and augmenting vaulting infrastructure in GIFT-IFSC,

The Committee may make recommendations on any other issues it considers important, even if not specifically mentioned in the Terms of Reference.



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