On 9 November 2025, SEBI reiterated that digital gold platforms remain outside its regulatory purview, exposing investors to counterparty and ownership risks. Platforms such as Paytm and PhonePe continue offering digital gold without investor protection or formal dispute mechanisms. The warning underscores the absence of SEBI, RBI, or IRDAI oversight. Analysts recommend shifting to regulated options like Gold ETFs and Electronic Gold Receipts (EGRs), which provide verified purity, exchange-traded transparency, and clear legal ownership structures.