Digital precious metals players form self-regulatory body
12 May 2026, 11:15 AMPublic policy veteran Nirupama Soundararajan will head the Digital Precious Metals Assurance Council of India.
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Major players in India's digital precious metals space have come together to launch the Digital Precious Metals Assurance Council of India (DPMACI), an industry-led body aimed at raising standards around transparency, consumer protection, and operational accountability in the digital gold and silver segment.
The council's membership includes prominent names such as MMTC-PAMP, SafeGold, Augmont, PhonePe, BharatPe, MobiKwik, Gullak, LendenClub, and CRED. Its formation comes on the back of surging adoption of digital precious metals, with industry estimates suggesting that over 90% of such transactions now flow through UPI-based platforms, spanning apps like Paytm, Jar, Amazon Pay, and Google Pay.
Public policy veteran Nirupama Soundararajan will head the council, which intends to work closely with government bodies and regulators to build a robust governance architecture for the sector.
On the compliance side, member platforms will be obligated to maintain full one-to-one physical metal backing, verified through regular independent audits, and holdings must meet London, UAE, or Indian good delivery benchmarks. Customer assets are to be held with independent custodians through segregated accounts, trustees, and insured vaults.
The body also plans to roll out an Ombudsman-style grievance framework to ensure customer complaints are addressed within set timelines. A dedicated portal outlining governance norms and compliance expectations has already gone live.
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