When Rashmi gets her monthly salary, the first thing she does is open her favourite investment app. She quickly allocates a portion of her income to digital gold —a habit she developed three years ago. What began as a small experiment has turned into a substantial holding, thanks to the sharp rise in gold prices over the past few years. Like thousands of young investors across India, Rashmi found digital gold an easy and convenient way to own the yellow metal without the hassle of physically storing it.

However, her confidence was recently shaken. On November 8, the Securities and Exchange Board of India (SEBI) issued a public advisory cautioning investors against dealing in digital gold. For many like Rashmi, this was a wake-up call—raising questions about safety, regulation, and the l

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