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Business News » Companies News

Setback for Flipkart, Amazon, Centre tightens norms for e-commerce firms

Tightening norms for e-commerce firms like Flipkart and Amazon, the government Wednesday took a host of steps and barred them from selling products of the companies in which they have stake. 

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Setback for Flipkart, Amazon, Centre tightens norms for e-commerce firms
The commerce and industry ministry also prohibited e-commerce firms like like Flipkart and Amazon from entering into an agreement for exclusive sale of products. Image source: Reuters
Written By: PTI
Updated: Wed, Dec 26, 2018
07:55 pm
PTI
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Tightening norms for e-commerce firms like Flipkart and Amazon, the government Wednesday took a host of steps and barred them from selling products of the companies in which they have stake. The commerce and industry ministry also prohibited e-commerce companies from entering into an agreement for exclusive sale of products.

"An entity having equity participation by e-commerce marketplace entity or its group companies, or having control on its inventory by e-commerce marketplace entity or its group companies, will not be permitted to sell its products on the platform run by such marketplace entity," the ministry said.

Besides, the revised policy on foreign direct investment in online retail firms said that services should be provided by e-commerce marketplace entity or other firms in which e-retail company has a direct or indirect equity participation or common control to vendors on the platform at arms length and in fair and non-discriminatory manner.

#FDI Norms on #Ecommerce | ग्राहकों के लिए बदले ई-कॉमर्स के नियम, नए नियम 1 फरवरी 2019 से लागू होंग। जानिए इस फैसले पर फ्यूचर रिटेल के ज्वाइंट MD, राकेश बियानी की राय।@Rakesh_Biyani @anuragshah710 @AnilSinghviZEE @kishore_biyani pic.twitter.com/nYev1NHZfX

— Zee Business (@ZeeBusiness) December 26, 2018

"Cash back provided by the group companies of marketplace entity to buyers shall be fair and non-discriminatory," the ministry's notification said. It further said that these companies will have to file a certificate along with a report of statutory auditor to the RBI, confirming compliance of guidelines by September 30th of every year for the preceding fiscal.

These changes will come into effect from February 1 this year. The decision comes in the backdrop of several complaints being flagged by domestic traders on heavy discounts being given by e-commerce players to consumers.

As per the current policy, 100 per cent FDI is permitted in marketplace e-commerce activities. It is prohibited in inventory-based activities. 
  
 

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TAGS:
FlipkartAmazon
RELATED NEWS
Hurry! Flipkart Mobile Bonanza sale: Get best deals on iPhone 11, iPhone SE, Samsung Galaxy S20+, Poco M2 Pro and more Hurry! Flipkart Mobile Bonanza sale: Get best deals on iPhone 11, iPhone SE, Samsung Galaxy S20+, Poco M2 Pro and more
Amazon Great Republic Day Sale and Flipkart Big Saving Days Sale | Big discounts on iPhone 12 mini, iPhone 11, Samsung Galaxy F41, Redmi 9 Power, Samsung Galaxy M51 Amazon Great Republic Day Sale and Flipkart Big Saving Days Sale | Big discounts on iPhone 12 mini, iPhone 11, Samsung Galaxy F41, Redmi 9 Power, Samsung Galaxy M51
Big offer! You can buy Bluetooth earbuds for just Re 1 - Here is how to get it on Flipkart Big offer! You can buy Bluetooth earbuds for just Re 1 - Here is how to get it on Flipkart
Have SBI card? Tomorrow is last day to avail this 10 per cent discount Have SBI card? Tomorrow is last day to avail this 10 per cent discount
What is Flipkart’s '2GUD Local'? How will it help the traditional retail business? What is Flipkart’s '2GUD Local'? How will it help the traditional retail business?

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