The Indian Government has announced the establishment of an independent Precious Metals Advisory Committee (PMAC) at the International Financial Services Centre Authority (IFSCA) to enhance the development of the precious metals’ ecosystem in the Gujarat International Finance Tec-City (GIFT-IFSC) and India’s overall gold economy.
The PMAC will play a pivotal role in providing insights and recommendations on various aspects of the precious metals’ ecosystem. Its mandate encompasses strategic and operational considerations, product development, processes, and other relevant issues.
Sabyasachi Ray, Executive Director, of the Gem & Jewellery Export Promotion Council (GJEPC), has been appointed as one of the Members of the PMAC. Somasundaram PR, MD & Regional CEO, World Gold Council, India, is the PMAC Chairman.
Constitution of Precious Metals Advisory Committee (PMAC)
| Sr. No | Committee Members | Capacity |
| 1 | Mr. Somasundaram PR, MD & Regional CEO, World Gold Council, India | Chairman |
| 2 | Mr. Sunil Kashyap, Director, FIN MET | Member |
| 3 | Mr. Sabyasachi Ray, Executive Director, The Gem & Jewellery Export Promotion Council of India (GJEPC) | Member |
| 4 | Mr. Mark Woolley, Managing Director, Brinks UK | Member |
| 5 | Mr. Haresh Acharya, Director, Parker Precious Metals and National Director, India Bullion and Jewellers 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 |
The creation of the PMAC stems from the Union Budget 2018-19, which highlighted the Government’s intention to formulate a comprehensive Gold Policy. The policy’s objective was to promote gold as an asset class and establish a regulated and consumer-friendly system of gold exchanges in the country. Building on this, the Union Budget 2020-21 introduced the establishment of an International Bullion Exchange (IIBX) at the IFSC, operating under the regulatory oversight of the IFSCA. This initiative was designed to enhance India’s position in global bullion markets.
The IFSCA, in collaboration with relevant Government departments, agencies, the World Gold Council (WGC), the India Gold Policy Centre (IGPC), industry and trade bodies, and GIFT City, laid the groundwork for the IIBX. This exchange, which was formally launched by Hon’ble Prime Minister Shri Narendra Modi on 29th July, 2022, is supported by a consortium of five major Market Infrastructure Institutions (MIIs) in India and GIFT-IFSC. Given the complexity and magnitude of the tasks at hand, the IFSCA has established the PMAC as an independent body.
While the migration to ICEGATE, an electronic data interchange portal for traders, is expected to significantly boost trading volumes, the IFSCA recognises the need for broader participation and increased liquidity on the IIBX. To achieve this goal, the IFSCA aims to expand the range of tradable products on the exchange, including derivatives and leasing products, to attract domestic and international banks and other global participants.
As the PMAC commences its work, stakeholders in the precious metals industry eagerly anticipate the committee’s recommendations and their potential impact on the development of the sector. The establishment of the committee marks another significant step in India’s journey towards establishing a robust and regulated gold ecosystem, as outlined in the government’s ambitious Gold Policy initiative.