The National Law University (NLU) Delhi is in collaboration with the E-Gaming Federation (EGF). They are talking with industry stakeholders to gather ideas about how to regulate the eGaming industry. NLU is planning to submit their regulation ideas to MeitY after the elections.
This came following the decision by the Ministry of Electronics and Information Technology (MeitY) moving away from the idea of a self-regulatory body for online gaming; there are reports of MeitY establishing an independent regulator. According to reports, the regulator will only allow registered companies to offer e-gaming services in India.
As reported by Economic Times, NLU assistant professor Raghav Pandey said that the institution is organizing multipart roundtable discussions to take ideas from several industry stakeholders about the e-gaming regulation. Mr. Pandey also revealed the reason behind Industry Stakeholders involvement in the regulations, as he said They want to maintain a balance between growth and regulations, which can only happen through the collaborative consultation processes involving industry stakeholders.
Previously, The Government of India has suggested the formation of multiple self-regulatory bodies (SRBs) for the gaming sector. These SRBs would have to determine which gaming companies are permissible and which are non-permissible in India. The plan was later dropped by MeitY as they thought SRBs might be unduly influenced by the major gaming entities, and could potentially compromise the independence.
Real-money gaming companies like Dream11, Games24x7, Mobile Premier League, Deltatech Gaming, Nazara, and More companies are facing challenges which are negatively affecting their growth. There are numerous reports of some real money gaming companies scamming people, recent high taxation affecting company growth. Some gaming companies even push the government to regulate themselves, which is unique.
Anurag Saxena, Chief operating officer of E-Gaming Federation, said “The online gaming industry in India is significantly contributing to the Indian economy.” He isn’t wrong, as the Indian e-gaming industry is currently a $3-billion-market, and 80% came from real-money gaming platforms.
Mr. Saxena said the policies will be a win-win situation for both consumers and companies. The policies will promote responsible and sustainable growth of the e-gaming industry and also protect consumers, maintain ethical standards, and address societal concerns effectively.
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