RESIDENT INDIVIDUALS NOT PERMITTED TO INVEST IN BULLION
DEPOSITORY RECEIPTS ON IIBX IN IFSC UNDER LRS ROUTE |
NON-COMPLIANCE WITH THE NATIONAL FINANCIAL REPORTING AUTHORITY
RULES, 2018 TO ATTRACT SPECIFIC PUNISHMENT
A. Resident individuals not permitted to invest in
Bullion Depository Receipts (BDRs) on India International Bullion
Exchange (IFSC) Limited (IIBX) through the Liberalized Remittance
Scheme (LRS) route:
IFSCA has clarified that resident individuals are not permitted
to transact/invest in BDRs on IIBX through the liberalized
remittance scheme route.
B. Non-compliance with National Financial Reporting
Authority Rules, 2018 to attract specific punishment:
MCA has amended the National Financial Reporting Authority
Rules, 2018 (NFRA Rules) to provide for a specific
punishment for non-compliance with the NFRA Rules. Such
contravention will now be punishable with a fine not exceeding INR
5,000. Also, where the contravention is a continuing one, there
