Industry forms Digital Precious Metals Assurance Council of India
India's digital precious metals industry has set up the Digital Precious Metals Assurance Council of India (DPMACI) to make buying digital gold and silver safer and more transparent.
Big names like MMTC-PAMP, SafeGold, Augmont, PhonePe, and BharatPe are on board, with policy expert Nirupama Soundararajan leading the council.
The goal? To give everyone more confidence when investing online in precious metals.
DPMACI requires 1:1 backing, audits, segregation
DPMACI is rolling out clear rules for all member platforms: think 1:1 physical backing for your gold or silver, regular independent audits, and standardized storage and insurance.
There is also an ombudsman framework for complaints and a dedicated portal to keep things transparent.
Plus, customer funds will be routed through segregated accounts monitored by an independent trustee, so customer assets are intended to remain protected even in the event of insolvency involving intermediaries.