New Delhi, Nov. 19 -- Digital gold companies may ask the union government to approve their plans for self-regulation if the Securities and Exchange Board of India (Sebi) refuses to regulate the instrument, said a top executive at the India Bullion and Jewellery Association (IBJA), the apex body for all bullion and jewellery associations in India.

On 8 November, Sebi warned investors that digital gold was not under its ambit, clarifying that it did not fall under securities laws and was not classified as a commodity derivative. Following this, the association sent a letter to Sebi on 10 November, asking it to regulate digital gold.

The letter read, "We have been approached by various digital gold companies. They have shown their willingn...