Digital gold and silver players form self regulatory body DPMACI

Mon May 11 2026

India’s digital precious metals ecosystem has formed a self regulatory organization named the Digital Precious Metals Assurance Council of India (DPMACI) to strengthen transparency, operational integrity, and consumer protection in the digital gold and silver market. The development comes as adoption of digital precious metals continues to rise in the country.

The council brings together leading industry players including MMTC-PAMP, SafeGold, Augmont, PhonePe, BharatPe, MobiKwik, Gullak, LendenClub and CRED.

The move also comes amid rapid growth in digital gold purchases through UPI based platforms. Industry executives estimate that more than 90% of digital gold transactions now take place through the UPI network as users increasingly opt for small ticket purchases through fintech and payments apps. The category has expanded across platforms such as Paytm, PhonePe, Indiagold, Jar, Amazon Pay and Google Pay.

The self regulatory body will be chaired by public policy expert Nirupama Soundararajan and will work with policymakers and government stakeholders to establish governance standards and verification mechanisms for the sector.

According to the organization, member platforms will be required to maintain 1:1 physical metal backing verified through periodic independent audits. The holdings will also need to conform to London, UAE, or Indian good delivery standards. Customer assets will be safeguarded through independent custodians, segregated accounts, trustees, and insured vaulting systems.

The council also plans to introduce an Ombudsman framework for grievance redressal and customer complaint resolution within defined timelines. An official portal detailing governance standards and compliance mechanisms has already been launched.

“The formation of DPMACI marks a pivotal step for this industry. By proactively instituting a common framework of transparency and rigorous standards, we are building a foundation for sustainable growth that prioritises consumer trust,” said Nirupama Soundararajan.

Source: https://entrackr.com/