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A self-regulatory organisation (SRO) for India’s gold industry

  • Category
    Polity & Governance
  • Published
    12th Aug, 2022

Context

With its new report, The World Gold Council-India has announced the launch of India’s Self-Regulatory Organization for gold.

About

Important facts:

  • With India being the second largest gold consuming nation in the world.
  • It needs industry wide uniform standards as the World Gold Council (WGC) got its self-regulatory organisation (SRO).
  • According to Somasundaram PR, Regional CEO (India), World Gold Council, the Indian gold market is one of the world's largest and diverse.
  • According to the Council, the SRO should be chaired by an independent and influential figure from outside India's gold industry.
  • Other board members should include a 50:50 blend of industry leaders, such as trade body representatives, and senior external figures, with strong public, regulatory, legal service record.

Benefits of Self-Regulatory Organization

  • The establishment of professionally run self-regulatory organisation (SRO), will promote :
    • industry’s best practices,
    • building on the work of the Swarna Adarsh Abhiyan initiative
    • devising code of conduct for every industry vertical,
    • providing certification for members who adopt these codes,
    • Engaging wit stakeholders across the gold value chain and advocating for best practice.
    • The organisation would serve as the conscience keeper of the industry.
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