Published: 10th 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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