July 11, 2023
It has been recently reported that three applications have been submitted to the Ministry of Electronics and Information Technology (MeitY) for establishment of a self-regulatory body (SRB) as per the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Amendment Rules, 2023 (“Amendment Rules”). The deadline for the submission of these proposals was July 6, 2023. The SRBs will primarily be assigned the responsibility of assessing and determining whether or not an online real money game complies with the regulations set forth in the statutes (and whether it would be permissible to operate in India). The applications for the establishment of SRBs have been submitted by the following industry bodies:
Numerous applications for formation of SRBs indicates a growing interest within the online gaming industry for effective governance and regulation. The MeitY will now scrutize these applications (for establishment of SRBs) to analyze whether they fulfil the purpose of the statute. If a SRB is not found suitable, the Amendment Rules give the power to MeitY to ascertain and certify online real money games.
It has been reported that the Data Security Council of India (DSCI) will be introducing a ‘data protection seal’ (DPS) for organizationsView More
The Reserve Bank of India (“RBI”) on January 15, 2024, released a draft framework (“Framework”) that outlines the broad responsibilities, functions, governance as well as the eligibility criteria for the purpose of setting up a self-regulatory organization in fintech companies (“SRO-FT”)View More
The Enforcement Directorate (“ED”) after registering a case under Prevention of Money Laundering Act, 2002 (“PMLA”) back in February 2022 and duly conducting the primary investigation alleged in July 2023 that INR 62,476 Crore was illegally transferred by VivoView More
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