Page 42 - Bullion World Issue 10 Volume 05 October 2025

Bullion World | Volume 5 | Issue 10 | October 2025
B ullion W orld | V olume 5 | I ssue 10 | O ct ober 2025 IGC 2025: Where The World Meets India, Day 3 Highlights
Debate 5: All Retail Spot Gold Investment

Products Should Be Regulated

Mr Keyur Shah, CEO - Precious Metals Business, Muthoot Pappachan Group, Mr Ajit Mauskar, Director World
Gold Council, Shri R. Arulanandan, Director - SMD Agriculture, EP (G&J), Kimberley Process, Department of
Commerce, Ministry of Commerce & Industry, GOI. Mr Sunil Kashyap, Director, FinMet Pte Ltd, Mr Chirag
Thakkar, Director, Amrapali Industries, Ms Rhea Chaterji, Director & Head of Consumer Retail, SafeGold India

Moderator: Mr Sunil Kashyap, FinMet Pte Ltd

Proponents (Mr Keyur Shah & Mr Ajit Mauskar) Opponents (Ms Rhea Chaterji & Mr Chirag Thakkar)

• Regulation boosts investor protection, • Indian consumers deeply understand
mitigates fraud risks, and builds trust in gold’s cultural and investment significance;
digital gold and investment products. over-regulation could hinder innovation and
• Well-designed regulatory frameworks, market growth.
similar to those in equity markets, will • Many digital gold platforms operate with
empower retail investors and deepen strong internal controls and transparency,
market penetration. VS making heavy regulation redundant.
• Regulation ensures transparency, • Focus should be on consumer education,
safeguarding the interests of small self-regulation, and industry standards
investors and preventing misinformation. rather than heavy government intervention.
• Pointed to hallmarking and company law • Warned that too many rules could restrict
reforms as proof that smart regulation small investors and slow down fintech-led
prevents fraud and builds trust. gold access.

Balancing Act:
• The market needs protections for vulnerable investors while supporting technological and financial
innovation.
• Sector-specific regulation, combined with consumer awareness campaigns, can foster growth without stifling
progress.

Summary:
• Industry favours smart, adaptive regulations that promote transparency and trust, supporting India’s evolving
retail gold ecosystem.

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