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Online gaming firms seek new regulatory model; suggest three-tier oversight mechanism
Economic Times
·
1y ago
Medial
Online gaming firms in India are proposing a three-tier regulatory mechanism, with self-regulatory bodies (SRBs) being overseen by a government-formed oversight committee. This comes after the government put on hold the process of notifying SRBs for the online gaming industry. The industry believes that a regulatory framework, similar to the one for financial markets, is needed to unlock the true potential of the gaming industry. The formation of SRBs was deferred due to concerns around the independence of these bodies. The government's group of ministers (GoM) is set to discuss the regulatory framework for online gaming soon.
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States frame laws to regulate online gaming in absence of central policy
Economic Times
·
1y ago
Medial
The absence of a self-regulatory mechanism for online gaming in India has led to multiple regulatory efforts at both the state and central level. States like Tamil Nadu and Karnataka are working on laws to control online real money gaming, while the Telecom Regulatory Authority of India (Trai) is consulting on a proposed National Broadcasting Policy that includes a regulatory framework for online gaming. The Ministry of Electronics and Information Technology (MeitY) had initially proposed self-regulatory organizations (SROs) to regulate the sector, but these were not approved, resulting in the emergence of various regulatory measures by states. The lack of clear regulations has sparked ethical debates and interpretations about the nature of online gaming activities. Industry representatives are urging for the operationalization of amended IT rules and the need for regulatory clarity and consistency.
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Irdai proposes internal ombudsman for insurers to address claims up to Rs 50 lakh
Economic Times
·
16d ago
Medial
The Insurance Regulatory and Development Authority of India (Irdai) has proposed a framework mandating the appointment of an internal insurance ombudsman for insurers to address complaints involving claims up to Rs 50 lakh. This independent and impartial mechanism aims to handle unresolved grievances fairly and transparently, bolstering consumer confidence. Applicable to insurers with over three years of operations, the internal ombudsman will report to the board or relevant committees, enhancing governance and oversight within the sector.
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Online gaming firms boost legal firepower to tackle regulatory maze
Economic Times
·
8m ago
Medial
Online gaming companies in India are expanding their legal teams to tackle regulatory challenges related to issues such as GST compliance and the Digital Personal Data Protection Act, 2023 (DPDPA). Startups seek legal professionals with expertise in public policy, regulation, taxation, and fundraising to navigate the evolving regulatory landscape. With the DPDPA introducing new processes, there is increased demand for legal practitioners. M&A activity in the sector also contributes to the need for equipped legal personnel. The growing gaming market in India is expected to reach $8.6 billion by 2028, further driving the demand for legal expertise in the sector.
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Online betting authority: Gaming body hails Karnataka move; calls for national framework - The Economic Times
Economic Times
·
1m ago
Medial
Karnataka plans to amend the Karnataka Police Act, 1963, to establish an online gaming regulatory authority to oversee and enforce laws banning betting in online games of chance, excluding skill-based games operated by licensed firms. The All-India Gaming Federation (AIGF) welcomes this move but highlights the need for a national framework to address the challenges posed by offshore gambling platforms, emphasizing the distinction between games of skill and chance for responsible industry growth.
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New framework launched to classify online skill-based games in India
Economic Times
·
9m ago
Medial
The Skill Games Framework, developed by Professor Bimal Roy in collaboration with The Dialogue, is India's first comprehensive framework to classify online games as skill-based. The objective and transparent framework aims to determine the legality of online real money games through a scientific and data-driven approach. It addresses the lack of a standardized mechanism in the Indian gaming market and provides regulators, developers, and the judiciary with a reliable tool for game classification. The framework consists of three key skill tests, using advanced statistical tools, to assess the role of skill in game outcomes.
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Winzo develops model to differentiate games of skill and chances with IITs
Economic Times
·
1y ago
Medial
Skill-gaming platform Winzo has collaborated with top institutions like IIT Delhi, IIT Kanpur, IIT Madras, Stanford University, and California State University to develop a statistical model that can differentiate between games of skill and chance. This initiative aims to enhance transparency and fairness within the gaming industry and provide a scientific methodology to determine if a game is a game of skill. The model can be applied to any game without the need for proprietary data or violating intellectual property rights. This development comes amidst concerns about self-regulatory bodies in India's online gaming sector.
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RBI proposes guidelines for robust model risk management in credit
YourStory
·
1y ago
Medial
The Reserve Bank of India has released a draft circular addressing potential risks from the use of credit management models by regulated entities. These models are used for credit appraisal, borrower scoring, pricing, and risk management, and are inherently uncertain. The draft circular outlines three regulatory principles to ensure the robustness and prudence in the use of these models, including governance and oversight, model development and deployment, and a model validation framework. The RBI has invited comments on the draft from the public and stakeholders until September 4, 2024.
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Centre To Establish A Regulatory Framework To Oversee Online Gaming
Inc42
·
1y ago
Medial
The Indian government is planning to establish a regulatory framework for the online gaming industry. Minister of State for Electronics and Information Technology, Rajeev Chandrasekhar, expressed positivity about the sector and mentioned the need for distinguishable regulatory norms. He stated that the regulatory framework would aim to ensure safe and permissible online gaming, separate from betting and money laundering. The government wants the self-regulatory body to be independent from both the government and the industry. This move comes amidst increased scrutiny and challenges faced by the online gaming sector, including tax evasion notices and layoffs. Chandrasekhar also emphasized the importance of startups complying with local laws, regardless of their size or success.
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Impact On Investments In The Gaming Industry Amid GST Uncertainties
Inc42
·
1y ago
Medial
The Indian government allows 100% FDI in the online gaming sector, making it attractive for investors. India has a capable technical workforce that can develop and launch new online games. However, the government's recent decision to increase the GST on skill-based games has added complexity to the regulatory environment.
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Age checks, spending limits, self-exclusion needed for safe online gaming: Report
YourStory
·
2m ago
Medial
A report by IndiaTech.org and Digital India Foundation advises India’s online gaming industry to implement voluntary safeguards over strict regulations to minimize risks like addiction. The proposed Code for Responsible Online Gaming (CROG) emphasizes age verification, spending controls, and self-exclusion. It stresses that punitive measures, like China’s playtime limits, drive users to unregulated platforms. The report advocates a “player-first” approach, combining oversight, financial safeguards, and education to foster responsible engagement and ensure user protection.
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