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livemint.com / 2 months ago
livemint.com / 2 months ago
Mint Explainer: Why Karnataka’s case against Jar could test digital gold regulation
The Karnataka government’s action against Bengaluru-based digital gold savings app Jar has become a test case for India’s wider digital gold industry. Acting on inputs from the Reserve Bank of India (RBI) and a public caution from the Securities and Exchange Board of India (Sebi), the state has booked Jar Gold Retail Pvt Ltd and its directors under the Banning of Unregulated Deposit Schemes (BUDS) Act.Because similar products are sold across the market, the case could shape how digital gold platforms are scrutinized in India.
Mint explains the legal implications of the investigation and whether the BUDS Act can apply to such products.The case against Jar traces back to regulatory and police communications reproduced in a Karnataka High Court order delivered on 4 March by Justice M. Nagaprasanna.
An order copy seen by Mint shows RBI’s Market Intelligence Unit flagged Jar in October 2025 for facilitating digital gold transactions, starting at ₹10 with market-linked withdrawals, despite the app operating outside the central bank’s regulatory scope.The order also cites Sebi’s 8 November 2025 public caution that digital gold products sold on online platforms are neither notified as securities nor regulated as commodity derivatives. Karnataka’s police then took up the matter through a multi-disciplinary process involving RBI and other officials, who examined possible violations under the BUDS Act.
That was followed by a preliminary enquiry and the registration of a first information report (FIR) at the Koramangala police station on 16 January 2026.After the FIR was registered, Jar and its co-founders, Misbah Ashraf and Nishchay A.G. (chief executive officer), moved the Karnataka High Court to quash the case.
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