Grant Thornton Bharat, E-Gaming Federation proposes measures to secure India's gaming industry
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2 weeks ago 06:00:07am Television

Grant Thornton Bharat, E-Gaming Federation proposes measures to secure India’s gaming industry

New Delhi, 10-July-2024, By IBW Team

Grant Thornton Bharat, E-Gaming Federation proposes measures to secure India's gaming industry

In a landmark development for India’s burgeoning gaming sector, industry leaders Grant Thornton Bharat and the E-Gaming Federation (EGF) have jointly unveiled a whitepaper titled ‘Guardians of Safe Play: Ethical Gaming for Vibrant Bharat’. This collaborative effort addresses critical needs such as verification, protection, certification, and support within the industry.

The whitepaper, released by esteemed figures including Prof. (Dr) G.S. Bajpai from National Law University, Delhi, and Shri Priyank Kanoongo from the National Commission for Protection of Child Rights, advocates for a robust Code of Conduct (CoC). This CoC aims to establish clear standards of ethical behavior across the gaming ecosystem, ensuring accountability and transparency.

Highlighting the importance of third-party certification, the report emphasizes self-regulation to mitigate risks like cyber threats and financial uncertainties. It calls for proactive player protection measures and educational initiatives to foster a safer gaming environment. Stakeholders are urged to collaborate with regulators and policymakers to implement effective regulatory mechanisms safeguarding players from cyber threats and fraudulent practices.

Shalabh Saxena, Partner at Grant Thornton Bharat, emphasized, “The report underscores responsible play and consumer protection, promoting fairness, transparency, and mental well-being. A robust Code of Conduct will uphold ethical standards, ensuring integrity and trust within the gaming community. Together, we aim to create a digital ecosystem that prioritizes inclusivity and high ethical standards for players of all ages.”

The whitepaper also delves into the regulatory landscape governing real money gaming (RMG), distinguishing between games of skill and chance. It discusses key legislative frameworks like the Public Gambling Act and the Information Technology guidelines, stressing the need for modernized laws to address sector-specific challenges effectively.

Anuraag Saxena, CEO of EGF, highlighted, “Trust is paramount as India’s gaming industry evolves. Our self-regulatory framework, backed by a Code of Conduct, will guide the industry towards sustainable growth while prioritizing player safety and ethical practices. By aligning with global standards and enhancing regulatory frameworks, we envision a resilient gaming ecosystem that reflects India’s cultural ethos.”

In conclusion, the whitepaper proposes strategic recommendations for updating laws to tackle emerging threats such as microtransactions and loot boxes. It advocates for a forward-looking approach that ensures India emerges as a global leader in ethical gaming practices, fostering long-term growth and integrity in the industry.

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