Indian Bullion Market Association

Mumbai

New York

London

Tokyo

This is to bring to your kind attention that due to a direction from Punjab Vat department, HDFC bank has freezed IBMA’s settlement and client account with the bank. Due to this IBMA is unable to release the payout of Rs. 98,78,775.94/- received from NSEL for this week. We are speaking to the authorities and are hopeful of a solution in few weeks. Meanwhile we shall make arrangements for future pay outs to reach investors without any hurdle.

In view of request made by statutory auditors as per standard on Auditing SA-560, no reliance may be kept on audited financial statements for FY, 12-13 dated
16-5-2013 in case of Indian Bullion Markets Association.

Indian Bullion Market Association (IBMA) is the national level body being set-up to represent the Indian bullion trade and industry. It is a consortium of leading bullion dealers and jewellery merchants of India, who have joined hands with National Spot Exchange Limited, the pan India Electronic Spot Market for commodities.

The idea is to promote a professional organization dedicated towards the growth and development of bullion trade and industry. IBMA is committed to identify the inefficiencies involved in Indian bullion market and to create a momentum to remove such inefficiencies in a gradual but steady manner.