Online gaming firms seek new regulatory model; suggest three-tier oversight mechanism
The industry is proposing a three-tier regulatory mechanism, where SRBs are brought under an oversight committee formed by the government, Dream11 cofounder and CEO Harsh Jain and Games24x7 cofounder and CEO Trivikraman Thampy told ET on Tuesday, on the sidelines of the Indian Gaming Convention here.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitIIM KozhikodeIIMK Senior Management ProgrammeVisitIndian School of BusinessISB Digital TransformationVisit“The way Sebi (Securities and Exchange Board of India) unlocked the financial potential of the country through the stock market, that’s the kind of regulation we need. The government has proposed an SRB for the gaming industry, but there can be a three-tier structure with government oversight, where it’s not just an independent SRB…this is a tried and tested model where you have a three-tier structure that can regulate gaming,” Jain said.
“We believe that gaming, with its untapped potential, can similarly benefit from government oversight. By setting clear boundaries and regulations, we can unlock the industry's true potential,” he added.
On November 1, ET reported that the Centre was forming a group of ministers (GoM) headed by home minister Amit Shah to look into the regulatory framework for the online gaming industry. The GoM is expected to hold its first meeting later this month, sources said.
In September, ET had reported that the government had deferred its plans to form SRBs, as envisaged under the amended Information Technology Rules notified in May this year. Under this mechanism, the government asked the industry to submit proposals for self-regulators led by an
