In response to growing worries about people becoming addicted to games and businesses being disrupted by inconsistent state laws, the Indian government proposed the creation of a self-regulatory body to oversee online gaming companies in its draught amendments to its information technology rules published on Monday.
The recommendation was made after a government panel emphasised the need for new regulations to control the gaming industry, which, according to consultant Redseer, is expected to reach $7 billion by 2026.
Indian start-ups like Mobile Premier League and Dream11, who are well-known for their fantasy cricket, have received funding in recent years from US investment firms Sequoia Capital and Tiger Global.
The need for regulating the industry comes amid increasing fears that the growth of such games will lead to addiction and financial losses among young citizens.
Approval from the government will be required by the gaming companies for registering a self-regulation body which would constitute a member nominated by the government, who has a background in public administration, public finance, public policy and law enforcement and a member who belongs to the field of medicine, psychology or consumer education.
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