India, May 11 -- India's leading digital gold platforms have banded together to form a new self-regulatory organisation (SRO), called Digital Precious Metals Assurance Council of India (DPMACI).

To be chaired by think tank Policy Consensus Centre's cofounder and CEO Nirupama Soundararajan, the SRO will comprise representatives from platforms such as PhonePe, BharatPe, MobiKwik, Gullak, Lenden Club and CRED. Its members will also include bullion providers like MMTC-PAMP and SafeGold.

In a statement, DPMACI said that it will look to institutionalise transparency and consumer protection in the rapidly growing market.

The DPMACI's mandate will be to establish industry standards and engage with government and policy stakeholders on transpar...