SEBI Clarifies Stand on Digital Gold, Confirms No New Rules in the Works

India’s capital markets regulator, the Securities and Exchange Board of India (SEBI), Chairman Tuhin Kanta Pandey, on Friday, 21 November 2025, clarified that the regulator is not considering any new regulatory framework for digital gold at this time. Speaking on the sidelines of the National Conclave on REITs and InvITs 2025, the SEBI chief said that in India, regulated gold-related investments can only be made through exchange-traded funds (ETFs) offered by mutual funds or through other tradable gold-backed securities. These gold ETFs and tradable gold securities remain the only alternative gold-investment products under SEBI’s jurisdiction, and the regulator will continue to focus on these instruments. “Gold investment can be done either through gold investment ETFs offered by mutual funds or through tradable gold securities. These are the products within the regulated space, and for now, our focus remains on them,” Pandey said. What about protection for digital gold? In an official announcement on 8 November 2025, SEBI stated that investor protection mechanisms under securities markets do not apply to digital gold or e-gold products, as they are not classified as securities or commodity derivatives. “Investors are informed that none of the investor protection mechanisms under the securities market framework shall apply to digital gold/e-gold products,” SEBI said. The regulator also noted that several online platforms have been offering digital gold and other digital asset products, which currently do not fall under SEBI’s regulatory scope.