The Multi Commodity Exchange of India (MCX) has announced the acceptance of MCX Good Delivery Norms for BIS-standard Gold and Silver for delivery under the existing contract specifications of all gold futures contracts. The Exchange has also expanded its Good Delivery List by including additional refiners empanelled under the revised MCX Good Delivery Norms.
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MCX Issues Circular on Revised Good Delivery Norms
In terms of the provisions of the Rules, Bye-Laws and Business Rules of the Exchange, members of the Exchange have been notified regarding the latest changes.
The revision has been made in accordance with SEBI Circular No. SEBI/HO/CDMRD/DOP/CIR/P/2019/135 dated November 14, 2019, relating to modifications in the contract specifications of commodity derivatives contracts. The announcement is also a continuation of MCX Circular No. MCX/PMT/292/2026 dated May 17, 2026, titled “Revision of MCX Good Delivery Norms for BIS – Standard Gold/Silver.”
Three Domestic Refiners Added to MCX Good Delivery List
As part of the revised framework, MCX has added three domestic refiners that have successfully qualified for empanelment under the revised MCX Good Delivery Norms.
The products manufactured by these refiners will now be eligible for delivery on the Exchange for the settlement of Gold Futures Contracts.
MCX has clarified that the empanelment is both refinery-specific and product-specific, as detailed in Table 1 of the circular.
Expansion of Good Delivery List Across Gold Futures Contracts
The Exchange has also confirmed that the refiners already recognized as Good Delivery suppliers for Gold Mini (100 grams) and Gold Ten (10 grams) Futures Contracts, as listed in the circular, are now eligible to be included in the Good Delivery List for the remaining Gold Futures Contracts specified in Table 2.
Accordingly, gold bars and gold coins produced by these approved refiners will now qualify as Exchange Good Delivery for fulfilling delivery obligations under all currently running Gold Futures Contracts, including:
- Gold (1 kg)
- Gold Mini (100 grams)
- Gold Ten (10 grams)
- Gold Guinea (8 grams)
- Gold Petal (1 gram)
Aligned With Existing Good Delivery Expansion Process
MCX stated that this expansion follows the same process previously adopted for extending the Good Delivery List across Gold Futures Contracts.
The revised framework also continues to include:
- LBMA-approved Gold Suppliers for all Gold Futures Contracts.
- Three UAE Good Delivery (UAE GD) Refiners approved for Gold Mini (100 grams) Futures Contracts.
The applicable contract specifications have been provided in Annexure A to Annexure E, as linked in the official circular.
MCX Advises Members to Take Note
The Exchange has requested all members to take note of:
- The addition of newly empanelled refiners.
- The expansion of the Good Delivery List across all Gold Futures Contracts.
Effective Date
MCX has confirmed that the provisions of this circular will come into effect from July 13, 2026.
About MCX
The Multi Commodity Exchange of India Ltd. (MCX) is India’s leading Commodity Derivatives Exchange and the largest Commodity Options Exchange globally (FIA, 2025). Operational since 2003, MCX has a market share of about 98% in terms of the value of commodity futures contracts traded in financial year 2024-25. With pan-Indian presence, MCX serves as a dynamic platform for the Indian commodity market ecosystem, offering dual advantages of fair price discovery and efficient risk management. It offers trading in a diverse range of commodities, spanning multiple segments including bullion, energy, metals and agri commodities, as well as sectoral commodity indices. The exchange has forged strategic alliances with various international exchanges, as well as Indian and international trade associations.
FAQ’s
1. What changes has MCX announced under the revised Good Delivery Norms?
MCX has approved revised Good Delivery Norms for BIS-standard gold and silver, expanded its Good Delivery List by empanelling three additional domestic refiners, and extended eligibility across all existing gold futures contracts.
2. Which gold futures contracts will benefit from the expanded Good Delivery List?
The revised framework covers all currently traded gold futures contracts, including Gold (1 kg), Gold Mini (100 grams), Gold Ten (10 grams), Gold Guinea (8 grams), and Gold Petal (1 gram).
3. Why has MCX added new domestic refiners to the Good Delivery List?
The newly empanelled refiners have met MCX’s revised Good Delivery standards, allowing their approved gold bars and coins to be used for exchange deliveries, thereby increasing the pool of eligible delivery products.
4. When will the revised MCX Good Delivery Norms become effective?
According to the official MCX circular, the revised Good Delivery Norms and the expanded list of approved refiners will come into effect from July 13, 2026.
5. How will the revised Good Delivery framework impact the Indian gold futures market?
The updated framework is expected to strengthen delivery infrastructure, increase the availability of eligible bullion, improve settlement efficiency, and enhance confidence among traders, refiners, and market participants in MCX’s gold futures ecosystem.
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