wordpress blog stats
Connect with us

Hi, what are you looking for?

Flipkart’s CEO says it is fully compliant with FDI rules, ready to face any audit: Report

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…

Please subscribe/login to read the full story.
Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement

News

Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?

News

A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'

News

India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...

News

There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ