National News
Self-Regulatory Organization Formed By Digital Precious Metal Ecosystem To Strengthen Consumer Trust
Members Include MMTC-PAMP, SafeGold, Augmont, Gullak, PhonePe and Other Key Players
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, 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, 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.
National News
Augmont-NSE Partnership Drives Strong Start for India’s Gold EGR Market, with Over 1,60,357 Units Traded in First Few Hours
Electronic Gold Receipts segment witnesses active two-way trading on day one, with 1,60,375 units traded, representing approximately 6 kg of gold and a traded value of ₹23.34 crore as of 04:25 PM
India’s gold market took an important step towards greater integration with the commencement of live trading in the Electronic Gold Receipts (EGR) segment on the National Stock Exchange of India (NSE) today. Enabled through the collaboration between NSE and Augmont Enterprises Limited, the launch brings together NSE’s regulated exchange infrastructure and Augmont’s integrated physical gold ecosystem, creating a new avenue for investors to trade physically backed gold.
On its opening day, the EGR segment witnessed active two-way trading, with 1,60,357 units traded by approximately 04:25 PM, representing around 6 kg of gold. The trading activity translated into a cumulative traded value of approximately Rs.23.34 crore during the first session. The segment also demonstrated orderly price discovery, with prices remaining within a narrow intraday range of Rs.1,450.50 to Rs.1,460.00. The bid-ask spread remained between Rs.0.50 and Rs.1.00, indicating continuous two-way quotations and an active order book.
Each EGR represents 100 mg of physical gold, with the underlying gold held in SEBI-regulated vaults. Investors can buy and sell EGRs through their demat accounts on the exchange, while retaining the option of converting their holdings into physical gold, subject to the applicable framework. The segment follows a T+1 settlement cycle, under which trades executed on a particular day are settled on the next business day, facilitating the transfer of securities and funds through the exchange’s regulated clearing and settlement mechanism.
Under the strategic collaboration, Augmont serves as a key physical gold and infrastructure partner for NSE’s EGR segment, supporting the creation, vaulting, redemption and liquidity ecosystem. The gold backing the EGRs is sourced through Augmont’s integrated refining infrastructure, bringing together physical gold processing and exchange-based trading within a regulated framework.
The commencement of live trading marks an important step towards building a more transparent and accessible gold market in India. By enabling standardised gold to be traded through an exchange-based mechanism, EGRs have the potential to strengthen price discovery, improve market participation and create a more integrated ecosystem for physical gold.
Ketan Kothari, Whole-time Director, Augmont Enterprises Limited, said:
“The commencement of EGR trading marks the transition of our collaboration with NSE from building the underlying infrastructure to enabling a live, exchange-traded gold market. The day-one trading activity, continuous two-way quotations and orderly price discovery are important initial milestones for a new market segment.
At Augmont, we have brought together our refining capabilities and physical gold infrastructure to support the creation, vaulting and redemption of EGRs. We believe this initiative can play an important role in making physical gold more accessible, transparent and integrated with India’s formal financial ecosystem. Our focus remains on strengthening the ecosystem and supporting its wider adoption among investors, brokers and other market participants.“
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