Flipkart is in full compliance with India’s foreign investment rules and is ready to face any audit under the law, the company's CEO Kalyan Krishnamurthy said on July 2, according to an Economic Times report. Krishnamurthy made the assertion three weeks after top executives of Indian and foreign e-commerce companies, including Flipkart and Amazon, met Commerce and Industry Minister Piyush Goyal, who reportedly asked Flipkart if it was compliant with the latest foreign direct investment (FDI) norms for online marketplaces. At this meeting, e-commerce companies were also asked to submit details of their shareholding, subsidiaries and business structures, among others, the ET report said, citing unnamed sources. Krishnamurthy did not comment on the meeting but said his company was committed to complying with all policies and laws, and that it was open to any audit to check for compliance with requirements in Press Note 2. Did Flipkart circumvent new FDI norms through intermediaries? Issued in December 2018, Press Note 2 made amendments to the rules related to FDI and inventory in e-commerce companies. Under the new rules, which came into effect in February 2019, FDI-funded marketplaces are barred from exercising control or ownership over the inventory of vendors on their platforms. The rules also said that a seller on any e-commerce platform would be considered ‘controlled’ if it sourced more than 25% of its merchandise from any entity related to the e-commerce platform. Before the new norms, a group of preferred sellers on Flipkart accounted for nearly 75% of all merchandise sold on the platform, the ET report…
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