The government is planning to tighten the noose around betting, online gaming, and gambling by imposing regulations to curb and bring them under legal purview, Zee Business Special Correspondent Tarun Sharma said in his exclusive report while speaking to Managing Editor Anil Singhvi.
In a meeting convened under the chairmanship of the Home Affairs Secretary Ajay Bhalla, it was recommended to make strict laws for online games, betting, and gambling, Sharma said. He added that the meeting was attended by officials from various agencies and ministries such as the Enforcement Directorate, Income Tax, SFIO, Ministry of Corporate Affairs, GST, and CBDT among others.
According to Sharma’s report, officials from various departments agreed that online gaming and betting require stricter laws.
In the meeting, it was decided that the central government should make a new law for online gaming, betting, and gambling and the state should obey it for this, and a law/act should be prepared in collaboration with the state governments, the special correspondent said.
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Another option, the officials decided during the meeting, is to regulate online gaming, betting, and gambling by making changes in the IT Act, Sharma mentioned in his report.
There was also discussion about a separate regulator, but it is a complicated matter legally, Sharma said while explaining the meeting’s minutes to Zee Business viewers.
Many complaints have been lodged with the Ministry of Home Affairs and the Ministry of Finance with respect to irregularities in these platforms as well as suicide cases have also been reported due to online gaming, betting, and gambling, the special correspondent added.
Companies such as Delta Corp and Nazara Technologies have come into focus with the government deciding to bring regulations on online gaming, betting, and gambling. The former is one of the leaders in betting and gambling while the latter is in online gaming.
Shares of Delta Corp ended flat with negative bias on Monday to Rs 228.55 apiece and Nazara Tech declined by around 2 per cent to Rs 713.50 apiece at the close on the BSE.
Source by www.zeebiz.com