Trades executed on the Bullion Exchange will be cleared and settled in
accordance with the International Financial Services Centres Authority
(IFSCA) guidelines, as well as the provisions of the India International Bullion
Exchange (IFSC) Limited / Indian Bullion Clearing Corporation (IFSC) Limited
Rules, Bye-Laws, and Regulations, as well as any other circulars/guidelines
that may be issued in relation to the same from time to time.
Clearing and settlement will be done on a multilateral netting basis in accordance with the clearing members' settlement commitments. The Clearing Members are responsible for all obligations, funds, and bullion depository receipts, as well as the payment of margins, penalties, and any other levies, as well as the settlement of obligations of those trading members and custodial participants, if any, for whom they have agreed to settle as a Clearing Member. All liabilities relating to transactions submitted by trading members will be passed to the relevant clearing members who have agreed to function as clearing members for them according to a predetermined procedure.