Mar 24, 2020
With the onset of business pouring in as investment in e-commerce platform, India is planning to set up a new regulator to implement strict controls on e-commerce as investment in the sector increases, particularly investment from international companies.
Reuters reported that the new regulator can force companies such as Amazon, Walmart’s Flipkart to promptly supply the information it requires, possibly within 72 hours.
According to the reliable sources who informed Reuters that the regulator would not only enforce these requirements but also should adhere to other Indian laws concerning foreign investments, global and national competition and consumer protection.
If the regulations are not adhered then high penalties shall be levied. Still, the policy is said to be at an initial drafting stage and is subjected to further considerations, thus it is not clear what and how those penalties may b imposed.
The nature of information that these companies would be required to provide to the regulators has not yet been settled either.