IFSCA mandates quarterly non compliance reporting format for bullion exchanges and clearing corporations

The International Financial Services Centres Authority (IFSCA) issued a directive prescribing a formal quarterly non-compliance reporting format for bullion exchanges and clearing corporations operating within the International Financial Services Centre (IFSC). Under this mandate, regulated entities must submit their compliance status reports-including Nil Reports when no breaches occur-within 45 days from the end of each quarter. This requirement establishes a standardized channel for reporting regulatory deviations and governance lapses.

Standardized reporting formats allow financial regulators to monitor systemic risk, operational compliance, and governance standards across specialized market infrastructure institutions. Requiring formal submissions even when no infractions take place ensures complete institutional accountability and leaves no room for reporting omissions. Bullion exchanges and clearing corporations must integrate this 45-day reporting schedule into their regular corporate governance workflows. Compliance heads and legal counsels at bullion exchanges and clearing corporations must adopt the prescribed reporting template and set up internal controls to file returns within the 45-day window.

Auditors should verify that reporting mechanisms account for Nil Reports when operations remain entirely compliant during a given quarter. Bottom line: Ensure strict adherence to the 45-day quarterly reporting deadline to avoid regulatory scrutiny in your bullion market operations.