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Govt plans independent regulator for online gaming
Economic Times
ยท
1y ago
Medial
The Indian Ministry of Electronics and Information Technology (MeitY) is considering the incorporation of an independent regulator for online gaming in India. This comes after the idea of a self-regulatory body was scrapped. The National Law University (NLU) Delhi, in collaboration with the E-Gaming Federation (EGF), is consulting with industry stakeholders to determine the future direction of gaming regulations. Recommendations are expected to be submitted to MeitY after the elections. The online gaming industry in India is seeking regulatory guidelines to address issues such as money laundering and taxation. The sector currently contributes to India's digital economy and has become the largest gaming market globally.
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NLU Prepping Up Gaming Regulation Recommendations, To Submit To MeitY Post Elections
Inc42
ยท
1y ago
Medial
The National Law University (NLU) Delhi, in consultation with the industry body E-Gaming Federation (EGF), is working with stakeholders to determine the future of gaming regulations in India. The Ministry of Electronics and Information Technology (MeitY) previously rejected the idea of self-regulatory organizations for online gaming. Now, NLU is expected to submit its recommendations to MeitY after the general elections. The government is considering the establishment of an independent regulator that will only allow registered entities to offer e-gaming services. The Indian online gaming industry has faced challenges, including a 28% GST and regulatory uncertainty. Funding in the sector significantly dropped in 2023.
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Chinese gaming firms unveil share buybacks after regulatory move unnerves investors
Economic Times
ยท
1y ago
Medial
Several Chinese gaming companies have announced plans for share buybacks in an attempt to reassure investors after regulatory moves to tighten restrictions on consumer spending in the gaming sector. The announcement of draft rules banning certain incentive mechanisms in online games caused shares in gaming companies to plummet. In response, eight companies have unveiled buyback plans worth a combined 780 million yuan ($110 million), citing confidence in the gaming industry and the need to protect investors. The move comes after China's video game regulator hinted at a possible softening of its stance on the proposed rules.
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Shares of Tencent, NetEase rebound after Chinese regulators vow to improve draft rules
Economic Times
ยท
1y ago
Medial
Chinese gaming company Tencent Holdings saw its shares rebound 3% on the first day of trading after regulators promised to improve proposed rules. Rival company NetEase also climbed 14% on reports of talks to partner with Blizzard. The Chinese regulator softened its stance on curbing spending and rewards in video games after the stocks in the gaming sector plummeted. The regulator stated it would review public views and approved new licenses for 105 domestic online games, indicating support for the development of online games.
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Games24x7 partners Karnataka govt to launch accelerator for Indian gaming startups
Inc42
ยท
1y ago
Medial
Games24x7, an online gaming unicorn, has partnered with the Karnataka government to launch an online gaming accelerator initiative called "GameTech Accelerate - The Future of Gaming." The program aims to mentor innovative and viable online gaming startups in areas such as real money gaming, hyper casual gaming, analytics, security, and anti-cheating measures. Selected startups will receive mentoring sessions from Games24x7, AWS experts, and investors, as well as the opportunity to pitch to investors for funding. The initiative is set to be announced at the GAFX event in January 2024.
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Govt bullish on online gaming sector: MoS IT Rajeev Chandrasekhar
Economic Times
ยท
1y ago
Medial
The Indian government is optimistic about the online gaming sector, aiming to support and encourage its growth. The IT Minister stated that once it settles in its third term after the 2024 elections, the government plans to allow safe and trusted permissible gaming. The minister expressed the need for a framework to distinguish between online gaming and illegal activities such as betting and money laundering. He also warned entrepreneurs to comply with rules and regulations and mentioned the case of Byju's as an example of growing too fast without maintaining corporate discipline. Additionally, the article mentions India's progress in attracting semiconductor manufacturing investments and highlights the country's involvement in artificial intelligence (AI) development.
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Indian govt to form a group of ministers for online gaming regulation
IndianStartupNews
ยท
1y ago
Medial
The Indian government is considering the formation of a Group of Ministers (GoM) to oversee and develop a comprehensive regulatory framework for the online gaming industry. The GoM is expected to include high-ranking officials such as home minister Amit Shah and finance minister Nirmala Sitharaman. Additionally, discussions are underway to establish a self-regulatory organization (SRO) for the industry. This move comes as the online gaming sector in India faces challenges related to taxation and responsible gaming practices.
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Gaming Firms To Approach New Govt After General Elections For GST Reduction
Inc42
ยท
1y ago
Medial
The online gaming industry in India is seeking a reduction in the Goods and Services Tax (GST) rate. Currently, a uniform 28% tax is applied to the full value of bets placed in online games, regardless of whether they are games of skill or chance. Industry stakeholders are advocating for a shift in tax computation to the gross gaming revenue (GGR), arguing that the high tax rate is detrimental, especially for startups. Offshore gaming companies operating outside the regulatory framework of India pose a challenge and lead to revenue loss for the government. Prime Minister Narendra Modi recently met with top online gamers and expressed support for bringing the sector under an organized and legal structure.
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28% GST on online gaming to yield extra โน20,000 cr yearly: Govt
Money Control
ยท
2y ago
Medial
According to Revenue Secretary Sanjay Malhotra, the GST Council's move to impose a 28% tax on the full bet value in online gaming would generate approximately โน20,000 crore in additional annual revenue for the government. Malhotra noted that the online gaming industry currently pays only 2-3% GST, which is lower than the 5% tax applied to food items commonly consumed by individuals.
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BGMI Maker Krafton India Seeks Govt Support For Online Gaming
Inc42
ยท
1y ago
Medial
Krafton India CEO, Sean Hyunil Sohn, urged Indian government support for the gaming industry, citing labor cost subsidies in other countries. He emphasized India's gaming potential due to affordable internet and high mobile usage, with opportunities for growth. Sohn also discussed the GST Council's 28% tax on online game bets and the sizable market for games like BGMI. He noted Krafton's investment in Nodwin Gaming and the industry's substantial growth.
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Tiger Global, ChrysCap, Peak XV ask govt to reconsider GST on online gaming
VCCircle
ยท
1y ago
Medial
Investment firms Tiger Global, ChrysCap, Peak XV, and ASK have requested the Indian government to reconsider the Goods and Services Tax (GST) on online gaming. They argue that the 28% GST rate on skill-based gaming platforms is excessive and should be reduced. These companies believe that a lower tax rate would encourage growth and investment in the online gaming industry.
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