Page 14 - Bullion World Volume 02 Issue 08 August 2022

Bullion World | Volume 2 | Issue 08 | August 2022

India Gold Conference 2022:

Transcript of Special Address by

Mr Kamlesh Sharma, GM and Head,

Precious Metals Department, IFSCA, India

equity markets, precious metals,
funds management, pension funds,
insurance sector.

Before I settle into my talk about the
journey and plans about the bullion
eco-system in IFSC, I would like
to emphasise that the regulatory
approach of IFSCA is different since
its mandate is different. If I may
take a sporting analogy, I would
reckon that the role of a regulator
-supervisor is like that of a rule-
maker and umpire in the game of
Mr Kamlesh Sharma cricket. Once the rules of the game
GM and Head, Precious Metals Department, IFSCA have been framed, then the umpire

and the regulator must keep a
distance while keenly observing the
I thank the organisers Eventell the video link. Thus, the timing of flow, motivation and tendencies of
Global for inviting me to deliver a this IGC has become all the more players. The umpire should intervene
special address at this prestigious important for IFSCA as we have only if the spirit and the objectives
congregation of eminent entities and assembled here immediately after of the game are being flouted or
individuals having a long association the launch of the India International compromised to set things right and
with the bullion sector. It is my debut Bullion Exchange (IIBX). if required modify the rules of the
at IGC and am looking forward to game accordingly.
learning from this experience. For benefit of those who may not
be aware, the IFSCA is the unified In the backdrop of this overarching
Yesterday, we witnessed when regulator for all financial products, philosophy, I’d like to focus on the
the Hon’ble Prime Minister Sh. financial services and financial journey with respect to bullion
Narendra Modi inaugurated the India institutions which can be undertaken starting from the measures
International Bullion Exchange apart in the international financial services undertaken in the last 18 months or
from announcing other launches and centres set up in India under the so, that formed a part of the trying
initiatives such as the foundation- SEZ Act. GIFT-IFSC is the first and times of disruptions caused by the
stone laying of the proposed IFSCA so far, the only IFSC in India. The global pandemic of COVID-19.
building Headquarters and the IFSCA Act bestows the powers of
SGX-Nifty connect. I thank all the the domestic regulators such as the Setting up of IIBX
dignitaries on the dais and all the RBI, SEBI, PFRDA & IRDAI, for GIFT- Inspired by the vision of Hon’ble
participants at the IGC who attended IFSC. IFSCA is mandated to develop Prime Minister, armed with
yesterday’s landmark event for and regulate all aspects of financial the mandate under a budget
IFSCA, either physically or over sector activities including banking, announcement, IFSCA on December

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