What are the rules? The regulations have taken a step from the draft version. They said that only a subset of things as far established as gambling – that is, betting and gambling – were not allowed. However, the popularity of electronic gambling companies has been receivedmany questions still remain.
It is also read | Technology firms join non-profit SROs to vet fact-checkers
What does it mean? The twofold intention behind these rules was to dispel the government’s betting and gambling platforms, and then to provide a framework for legitimately identifying players, providing real money online gaming without the element of betting. To this end, the government has also paved the way for a proper regulatory framework for companies to abide by these provisions.
How to play? The Ministry of Electronics and Information Technology (MeitY) will notify at least three self-regulatory organizations (SROs), which determines which games are legal online. These SROs consist of a diverse set of people – from industry executives to mental health, public affairs, law enforcement and children’s rights experts. The regulations also mandate companies to implement a know-your-customer (KYC) process when their users start trading in real money on these platforms.
What do you care about? Even though companies across the board are receiving regulatory clarity, some have lingering concerns about getting involved in state administrations, especially where real money is involved. Gambling and betting comes under state exemption, and in many cases some jurisdictions have considered other real money gambling games. The new rules issued by MeitY are expected to create a list of legal instruments that have been certified by SROs, which companies can use to defend their case to public authorities.
It is also read | Govt notifies rules for online gambling, appointing several SROs
Scoop | Meesho prepares trust-like trading no market: Reliance Industries’ online fashion retail platform Ajio is in advanced stages of to establish a new market for low-priced fashion items that will operate on a zero-commission modelhe was aware of the said matter. And he saw the details of a new business plan from Reliance called Ajio Street.
Byju’s creditors are seeking $200 million in preparation for the restructuring of TLB: Byju asked the creditors $200 million (Rs 1,600 crore) in prepayment along with higher interest from the Bengaluru-headquartered company as a precondition to restructuring its $1.2 billion (Rs 9,600 crore) term loan B (TLB) which is currently listed, said people with direct knowledge of the matter.
Inside Meesho reset: the money is burning to cut, so as to slow growth; By early 2022, ecommerce startup Meesho was burning around $40 million a month in cash as it took on bigger rivals such as Amazon India and Walmart-owned Flipkart. That firing rate was halved over the remainder of 2022 and is now set back to a relatively modest $5 million. Saw Aatrey, co-founder and CEO of Meesho, told ET. the company seeks to stop those who stay longer during the July-September period.
Dunzo arranges funding through convertible notes, puts 30% staff; Dunzo $75 million in convertible financing was obtainedseveral people were aware of the matter. The company is also laying off about 30% or over 300 staff, in addition to planning a change in business model, the employees announced at a town hall on Wednesday.
Exclusive | Tim Cook may visit India to launch Apple’s first store owners: bad executive leader Tim Cook is likely to visit India this month for the launch of the country’s first self-owned manufacturing company and also for negotiating with the ministers on key strategic issues such as the expansion and export of manufacturing from India, said people with knowledge of the matter.
Tech Policy Updates
Bike taxis set to make a comeback on Delhi roads: Bike taxis are expected to be a Back on the way to Delhi soon as the Arvind Kejriwal-led AAP government is all set to pass the aggregator policy in two months. The law department cleared the aggregator’s plan, which would also have provisions for bike taxis.
NIC is evaluating bids to manage the National Government Cloud: Snine months after floating tender The National Informatics Center (NIC) is still evaluating bids to manage the National Government Cloud. The order’s validity expires next month and industry executives are awaiting a review. “The tender says the bid has a validity period of six months. It could not have been a good proposal to propose,” said the cloud service provider empaneled with the IT ministry.
Internet group CCI is urging a review of Google’s apps billing system: The Alliance of India Digital Federation (ADIF), which represents internet companies such as MapMyIndia, Paytm, Marriage, VereMadly, among others. Represented the Competition Commission of India (CCI) take a look at Google’s user-choice billing system, which goes into effect later this month.
The commercial hyperlocal phone app Pincode continues to live ONDC: The price of major PhonePe — which is in the midst of closing in on a $1-billion round of funding from Walmart, Atlantic General and others — in interaction with a separate app, ‘Pincode’ who carried you through ondcm The company has launched Pincode – a hyperlocal e-commerce platform that enables online interaction between local suppliers and customers in the vicinity – in Bengaluru.
It is also read | How PhonePe sharpens its shopping ambitions as from Flipkart |
Global startups of Indian funding may stop, says RBI to the parliamentary floor: The RBI on Monday informed the parliamentary panel that the Silicon Valley Bank (SVB) had collapsed; availability of global funds for Indian startups “may be delayed” in a short space. However, he stated that the impact of the financial crisis was “limited” on the Indian startup ecosystem.
Indian Indians are moving dollars to the State of Don, other countries from SVB: In the fall of repair of SVB, the banking units of the International Financial Services Center (IFSC) in the city of Gujarat has emerged as one of several options for startups and tech companieswhich are tied up with their own funds for a period of time from the financial provider. Apart from Gift City, the startup has also moved its funds to banks in the US, India and Indian lenders in overseas locations.
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Turbulence in Tech
Startups welcome winter funding, cost cutting: As funding dries up, duty and losses pile up; Employees at troubled startups are starting to crack under pressure. Between unachievable targets, an increasingly toxic work environment and the constant fear of work costs coming to a head, the startup star has long been crushed, leaving many desperately searching for a way out.
The recession hurts, startups are slower to hire in middle, senior roles; Macroeconomic conditions have improved globally and led to efforts to bring down costs a slump in hiring across middle to senior roles in Indian startups; Several industry and employment experts told ET. Hiring for senior leadership roles has plunged 60%-80% year over year as tech firms plunged into a new era and the hiring outlook has turned “horrendous” amid a busy winter, experts said.
The majority of IT staff will take a pay hike of less than 10% in FY24; Salary hikes in FY24 will You’ll take a hit when companies saw employee costs fall in the last fiscal yearsaid HR experts who expect 8-10% hikes, compared to the 10-11% hikes seen last year. The majority of employers are expected to get a looser end of the spectrum with restricted controls on business contributions, experts added.
Global macro, BFSI risks burdening IT revenue; Global macroeconomic and financial sectors are under attack set to be a heavy hit in FY24 for the Indian IT sector growth and revenue is expected, as it is said to be approximately half of the guesswork from the past year. The same is expected to change in Q4FY23 due to longer cycles, impact on the BFSI sector and seasonality, they said. BFSI contributes about 40% of India’s IT services industry revenue.
Other Top Stories By Our Reporters
Binny Bansal’s Three States Ventures leads Rs 300 crore investment in Curefoods: Curefoods, a cloud kitchen startup; He said that the funding round is about Rs 300 crore led by Flipkart. It includes primary and secondary funding in the Bengaluru-based firm, which is run by former Flipkart executive Ankit Nagori.