The industry-led initiative has been launched as the Digital Precious Metals Assurance Council of India (DPMACI), a self-regulatory organisation (SRO) created to establish governance norms, improve transparency and introduce common operational standards for market participants.
The council brings together several key players in the ecosystem, including MMTC-PAMP, SafeGold, Augmont, PhonePe, BharatPe, MobiKwik, Gullak, Lenden Club and CRED, among others operating in the digital metals space.
According to the framework, the SRO will focus on establishing industry-wide guidelines covering areas such as physical backing of digital holdings, audit requirements, custodial arrangements and disclosure norms. It proposes a 1:1 backing of digital holdings with physical precious metals, supported by periodic independent audits and adherence to recognised good delivery standards.
The structure also includes provisions for independent custodians or vault operators, segregation of customer funds, and insurance and storage standards. An ombudsman mechanism is planned to address customer grievances within defined timelines.
Nirupama Soundararajan has been appointed as Independent Chairperson to lead the council’s governance framework and stakeholder engagement. The organisation will also act as an interface with policymakers to support regulatory alignment and industry-wide compliance practices.
An official portal has been launched outlining governance standards and grievance redressal processes. The initiative is positioned as an attempt to align India’s growing digital metals market with broader global practices around transparency and operational oversight.
