Description

NSE amends its Refiner Standards for Gold (Bars & Coins) conforming to BIS Standards, and expands good delivery acceptance to include Gold coins for the Gold 8 grams (Guinea) Futures and the upcoming Gold 10 grams Futures contracts.

Summary

NSE has amended its Refiner Standards for Gold (Bars & Coins) conforming to BIS Standards, effective immediately. The revised framework is a continuation of the earlier NSE Circular NSE/COM/48930 dated July 15, 2021. Additionally, NSE has expanded its good delivery acceptance to include Gold coins (refined by approved and compliant refiners) for the Gold 8 grams (Guinea) Futures contract and the yet-to-be-launched Gold 10 grams Futures contract in the Commodity Derivatives Segment.

Key Points

  • NSE Refiner Standards for Gold (Bars & Coins) conforming to BIS Standards have been amended as on March 10, 2026.
  • The revised framework is attached as Annexure 1 and is effective immediately.
  • Gold coins refined by NSE-approved refiners will now be accepted as good delivery for Gold 8 grams (Guinea) Futures contracts.
  • Gold coins will also be accepted as good delivery for the upcoming Gold 10 grams Futures contract (yet to be launched).
  • Previously accepted formats — Gold 1 Kg, 100 grams (Bars), and 1 gram (Coins) — remain applicable.
  • Indian refiners seeking empanelment must submit an application in the prescribed format along with documents as per Schedule 1 & 2 of the revised framework.

Regulatory Changes

  • The NSE Refiner Standards for Gold (Bars & Coins) have been updated via Annexure 1, amending the framework originally established on July 9, 2020 and previously amended.
  • Expanded good delivery eligibility: Gold coins from approved refiners are now valid for two additional futures contract sizes — 8 grams (Guinea) and 10 grams.
  • The framework covers chapters on Preliminary & Definitions, Empanelment of Refiners, Gold Bar and Coin Specifications, Genuine Sourcing & Compliance, and Inspection, Audit & Disclosures.

Compliance Requirements

  • Refiners must comply with the revised NSE Refiner Standards for Gold (Bars & Coins) conforming to BIS Standards as per the updated Annexure 1.
  • Refiners must adhere to Anti-Money Laundering and Anti-Corruption Laws as specified in the framework.
  • Indian refiners seeking new empanelment must submit applications with required documents per Schedule 1 & 2 of the revised framework.
  • Only refiners in compliance with the revised NSE Refiner Standards are eligible to supply Gold coins as good delivery for the specified futures contracts.
  • Empanelment validity conditions and eligibility criteria must be maintained as per the revised Chapter 2 of the framework.

Important Dates

  • Effective Date: March 10, 2026 (immediate effect)
  • Original Framework Date: July 9, 2020
  • Previous Amendment Reference: NSE/COM/48930, July 15, 2021
  • Current Circular: NSE/COM/73215, Circular Ref. No. 14/2026, March 10, 2026

Impact Assessment

  • Market Participants: Members trading in NSE Commodity Derivatives (Gold futures) will have expanded good delivery options, improving flexibility in physical settlement.
  • Gold Refiners: Indian refiners empanelled with NSE benefit from increased scope of acceptable delivery formats, potentially boosting demand for coin production.
  • Gold 8g Guinea Futures: This contract now has broader delivery eligibility, which may improve liquidity and participation.
  • Gold 10g Futures: Pre-launch framework updated to include coins, ensuring readiness when the contract is launched.
  • BIS Compliance: Reinforces quality and standardisation requirements for gold traded on NSE’s commodity platform, aligning with national standards.

Impact Justification

Operationally significant for commodity derivatives participants and Indian gold refiners dealing in NSE gold futures, but limited to a niche segment of market participants.