In a circular issued on May 17, MCX said it has revised eligibility criteria and empanelment procedures for domestic silver refiners under its Good Delivery framework and has invited eligible refiners to apply for empanelment.
Under the revised norms, domestic silver refiners will get relaxation from the requirement of holding a Bureau of Indian Standards (BIS) licence during the empanelment process. However, empanelled refiners will have to obtain a valid BIS licence within 12 months from the date BIS lays down an accreditation process for domestic silver refineries.
MCX said the move is aimed at enabling delivery of bullion refined in India and aligns with the government’s “Aatmanirbhar” vision.
The exchange has prescribed detailed eligibility conditions for refiners seeking empanelment, including a minimum net worth of ₹10 crore, at least three years of refining experience, average annual refined production of at least three tonnes, valid NABL accreditation, and compliance with responsible sourcing norms aligned with OECD guidelines.
Selected refiners will also have to provide an interest-free deposit of at least ₹4 crore in the form of a bank guarantee or fixed deposit.
The revised framework includes periodic audits, surprise inspections, assaying tests, anti-money laundering compliance requirements, and mandatory traceability standards for bullion sourcing and delivery.
