MUMBAI: Sebi has warned investment advisers from helping clients invest in digital gold instruments since these are not regulated by it. In early August this year, the stock exchanges had warned brokers not to deal in digital gold. Digital gold products are electronic receipts proving investments in the yellow metal by investors but not actual gold. Instead, the original sellers of such digital gold investment products keep physical gold in vaults. The product is similar to gold exchange-traded fund (ETF) units. But, unlike ETFs launched by fund houses and regulated by Sebi, digital gold receipts are yet to get the regulatory nod. It has come to the notice of Sebi that some registered investment advisers are engaged in unregulated activity by providing a platform for buying/selling/dealing in unregulated products including digital gold. Undertaking such unregulated activity including dealing (that is advisory, distribution and execution/implementation services) in digital gold by investment advisers is not in accordance with rules,” Sebi said through a press release on Thursday. The markets regulator advised investment advisers to refrain from undertaking such unregulated activities. “Any dealing in unregulated activities by investment advisers may entail action as deemed appropriate” under Sebi rules and regulations In August, through a release, the NSE had said that some of its members were providing platforms to their clients for buying and selling of digital gold. Earlier, Sebi had informed exchanges that facilitating trading in digital gold was in contravention of securities laws. The exchange asked its members to refrain from undertaking such activities and members who were engaged in such trading were asked to stop the same by September 10.