Description

NSE announces revised refiner standards for gold bars and coins conforming to BIS standards, enabling approved refiners' products to be accepted as good delivery for creation of Electronic Gold Receipts (EGRs) on the NSE platform.

Summary

NSE has issued Circular Ref. No. 06/2026 (Download Ref No: NSE/EGR/74224) dated May 14, 2026, amending the NSE Refiner Standards for Gold conforming to BIS (Bureau of Indian Standards) Standards for the creation of Electronic Gold Receipts (EGRs). This is a continuation of the earlier NSE Circular No. NSE/COM/73215 dated March 10, 2026. The revised framework specifies that gold bars and coins refined by NSE-approved refiners, who comply with the updated BIS-conforming standards, will be accepted as good delivery for NSE EGR creation.

Key Points

  • Gold bars and coins refined by approved refiners compliant with the NSE Refiner Standards for Gold (conforming to BIS Standards) shall be accepted as good delivery for creation of NSE EGRs.
  • The revised framework for NSE Refiner Standards for Gold (Bars & Coins) conforming to BIS Standards is provided in Annexure 1.
  • Refiners already empaneled with NSE under the existing NSE Refiner Standards will continue to have their gold accepted for EGR creation on the NSE platform.
  • The circular is issued by the Department of Electronic Gold Receipts and signed by Khushal Shah, Associate Vice President.

Regulatory Changes

  • The NSE Refiner Standards for Gold (originally dated July 09, 2020) have been amended as of March 10, 2026, with this circular operationalising those amendments.
  • The revised Annexure 1 covers: Chapter 1 – Preliminary and Definitions; Chapter 2 – Empanelment of Refiners (registration, eligibility, letter of empanelment, validity, AML/anti-corruption compliance); Chapter 3 – Specifications and Assaying (gold bar and coin specifications); Chapter 4 – Genuine Sourcing and Compliance; Chapter 5 – Inspection, Audit and Disclosures.
  • BIS Standards compliance is now an explicit requirement for refiner empanelment and good delivery status.

Compliance Requirements

  • Approved refiners must comply with the revised NSE Refiner Standards for Gold conforming to BIS Standards to have their gold bars and coins accepted for EGR creation.
  • Refiners must adhere to Anti-Money Laundering (AML) laws and Anti-Corruption laws as part of empanelment conditions.
  • Genuine sourcing requirements must be met as detailed in Chapter 4 of the revised standards.
  • Refiners are subject to NSE’s inspection and audit rights as outlined in Chapter 5.
  • Already empaneled refiners remain eligible but must ensure continued compliance with the updated framework.

Important Dates

  • May 14, 2026: Date of this circular (NSE/EGR/74224, Circular Ref. No. 06/2026).
  • March 10, 2026: Date of the predecessor circular (NSE/COM/73215) that first announced the amendments to NSE Refiner Standards.
  • July 09, 2020: Original date of the NSE Refiner Standards for Gold Bars & Coins (as amended March 10, 2026).

Impact Assessment

This circular affects participants in the Electronic Gold Receipts (EGR) segment, particularly gold refiners seeking empanelment with NSE and vault managers/depositories involved in EGR creation. By aligning refiner standards with BIS norms, NSE strengthens quality assurance and traceability for gold underlying EGRs, which may improve investor confidence in the EGR ecosystem. Refiners already empaneled face no disruption, while new refiners must meet BIS-conforming specifications. Broader market impact is limited as this is an operational/standards update within a specialised segment rather than a trading rule or margin change.

Impact Justification

This circular updates the operational framework for EGR creation by formalising BIS-compliant refiner standards, affecting refiners and participants in the gold EGR segment, but does not introduce immediate trading restrictions or broad market-wide changes.