The NSE banned the sale of digital gold to members

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MUMBAI: The National Stock Exchange (NSE) has ordered its members, including stockbrokers, to stop selling digital gold from their platforms by September 10.

The capital market regulator Sebi has issued the order after some members expressed concern over the provision of a platform for buying and selling digital gold.

The Securities and Exchange Board of India (SEBI), in its letter dated August 4, informed the exchange that engaging in such activities was a violation of Securities Contracts (Regulation) Rules, 12.

SCRR rules prohibit all its members from acting as any business principal or employee other than securities or commodity derivatives. The NSE has instructed its members to comply with the regulatory requirement at all times as per the order and not to engage in such activities. Members who are engaging in such activity will have to stop this activity within one month from the date of this circular.

This circular has been issued on August 10. Meanwhile, some in the market say that digital gold units are not issued by any regulatory body and there is no mechanism to check whether digital gold is issued on the basis of physical gold.

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