India’s digital precious metal industry comes together to form the Digital Precious Metals Assurance Council of India (DPMACI). This Self-Regulatory Organization (SRO) is designed to institutionalize transparency, operational integrity and consumer protection in India’s digital metal ecosystem.
Led by public policy veteran, Ms. Nirupama Soundararajan, joining as an Independent Chairperson, the DPMACI will enforce rigorous governance and engage government and policy stakeholders to ensure a transparent, accountable and consumer-friendly ecosystem. By doing this, the organization aims to uphold consumer trust while allowing a technology-first, dynamic growth path for the industry.
By aligning major sellers and distributors under a unified code of conduct, the organization’s objective is to proactively address any concerns by establishing industry-wide standards and verification mechanisms that reinforce consumer confidence
Current members of the DPMACI include leading sellers and distributors of digital gold and silver in India such as MMTC-PAMP, SafeGold, Augmont, PhonePe, BharatPe, Mobikwik, Gullak, Lenden Club and CRED. To ensure all members adhere to the highest industry standards, the DPMACI framework will ensure a 1:1 physical metal backing, verified through periodic audits and the requirement that all holdings conform to London/UAE/ Indian good delivery standards. The SRO will also work towards the establishment of an Ombudsman framework to address customer complaints and ensure redressal within agreed time frames.
At the core of this framework is mandating independent audit firms to conduct rigorous checks, ensuring physical precious metal holdings precisely match customer balances. All assets will be further secured through independent custodians or vaults. Clear norms will be established on the standards of vaulting, storage, insurance, and disclosure and all customer funds to be routed through segregated accounts under the supervision of an independent trustee. The independent Trustee also ensures that customer assets are protected in the event of an insolvency of any intermediaries servicing the customer.
An official portal has been launched detailing governance standards, and a structured grievance redressal mechanism. This initiative aligns India’s surging digital metal market with global best practices, replacing ambiguity with verified certifications and proactive compliance reviews.
Speaking on the initiative, Ms. Nirupama Soundararajan, Independent Chairperson, DPMACI, said, “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. Institutionalising practices like independent audits and clear custodial safeguards is good for the entire sector, as it reinforces consumer protection and market credibility. DPMACI is committed to being a constructive partner to policymakers to ensure these best practices become a benchmark for the ecosystem and supports a transparent and thriving digital economy.”
As digital metal adoption accelerates in India, this initiative aligns the domestic market with established global frameworks, through the establishment of industry-wide standards and structured verification mechanisms.