India’s digital precious metal ecosystem has taken a major step towards strengthening consumer confidence with the formation of the Digital Precious Metals Assurance Council of India (DPMACI). The newly formed self-regulatory organization aims to institutionalize transparency, operational integrity, governance standards, and customer protection across the rapidly growing digital gold and silver market in India.
Quick Summary
- India’s digital precious metal industry has formed DPMACI as a self-regulatory organization.
- The initiative aims to strengthen transparency, operational integrity, and consumer trust.
- Ms. Nirupama Soundararajan has joined as Independent Chairperson.
- Members include MMTC-PAMP, SafeGold, Augmont, PhonePe, BharatPe, Mobikwik, Gullak, Lenden Club, and CRED.
- The framework mandates 1:1 physical metal backing and periodic audits.
- DPMACI will also work towards grievance redressal and Ombudsman mechanisms.
Independent Leadership To Strengthen Governance
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.
Unified Code of Conduct For Consumer Confidence
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
Major Industry Participants Join The Initiative
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.
Independent Audits And Custodial Safeguards
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.
Official Portal And Grievance Mechanism Introduced
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.
DPMACI Aims To Build Long-Term Industry Credibility
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.”
Aligning India’s Digital Metal Market With Global Standards
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.
About DPMACI
The DPMACI is an industry-led SRO formed by leading sellers and distributors of digital gold and silver in India. The SRO works to promote transparency, operational integrity, and consumer protection through independent audits, governance standards, and grievance redressal mechanisms for member platforms.
For more details, visit: www.dpmaci.org
FAQs
What is DPMACI?
DPMACI stands for Digital Precious Metals Assurance Council of India, a self-regulatory organization formed to strengthen transparency, governance, and consumer protection in India’s digital gold and silver ecosystem.
Who are the members of DPMACI?
Members include MMTC-PAMP, SafeGold, Augmont, PhonePe, BharatPe, Mobikwik, Gullak, Lenden Club, and CRED.
Who is leading DPMACI?
Ms. Nirupama Soundararajan has joined DPMACI as the Independent Chairperson.
What is the objective of DPMACI?
The organization aims to institutionalize transparency, operational integrity, governance standards, consumer protection, and grievance redressal mechanisms in the digital precious metals market.
How will DPMACI ensure consumer trust?
The framework mandates 1:1 physical metal backing, periodic audits, independent custodians, segregated customer accounts, and grievance redressal systems.
Why is DPMACI important for the digital gold industry?
DPMACI aligns India’s digital precious metal market with global best practices and establishes industry-wide standards to enhance market credibility and consumer confidence.
Source: SVAR Media Network
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