To determine the direction that gaming regulations, the National Law University (NLU) Delhi, along with industry body E-Gaming Federation (EGF), is consulting with industry stakeholders.
After the electronics and information technology ministry (MeitY) scrapped the idea of a self-regulatory body for online gaming, it may be looking at incorporating an independent regulator that will allow only registered entities to offer e-gaming services in India.
The National Law University (NLU) Delhi, along with industry body E-Gaming Federation (EGF), is consulting with industry stakeholders to determine the direction that gaming regulations should take henceforth.
NLU is expected to submit its recommendations to MeitY post elections.
“While regulations are required for better functioning of the industry, a balance between growth and regulation should be maintained, which can only be ensured through a collaborative consultation process between the industry, other stakeholders, and regulators, and comprehensive research about the issues that could require regulation,”
NLU assistant professor Raghav Pandey said.
The government had earlier rejected the idea of creating more than one self-regulatory bodies for the gaming industry for fear that they would be unduly influenced by major players and may lack independence.
It is notable that players in the Indian online gaming sector are themselves in favor of clear regulatory guidelines as they face a host of problems such as money laundering scams, high taxation, etc.
India’s e-gaming industry is currently a $3-billion market, 80% of which flows from real-money platforms.
A recent report by gaming company Winzo Games revealed that India has surpassed the US and Brazil to become the largest gaming market in the world, boasting a user base of 568 million gamers and over 9.5 billion gaming app downloads in 2023.
“We are grateful to the government for recognising the sector’s long-standing need to bring about regulatory clarity by prioritising and notifying the regulations,”
CEO of E-Gaming Federation said.
He said favourable policies will not only promote responsible and sustainable growth of the online gaming industry but also ensure consumer protection, maintain ethical standards, and address societal concerns effectively.
Source: The Economic Times
