The government may consider establishing an independent regulatory authority for the e-commerce sector much like the Securities and Exchange Board of India (SEBI), it said in a statement issued late evening on August 13.
The government which also plans to create an Open Network for Digital Commerce (ONDC) – a platform for sellers and logistics providers to connect with buyers revealed the same following a high level meeting to discuss the progress.
In the meeting which was chaired by Commerce & Industry Minister Piyush Goyal, it was also decided that ONDC will be compliant with the Information Technology Act, 2000 and designed for compliance with the emerging Personal Data Protection Bill.
Earlier this year, Moneycontrol had reported that the government was keen on setting up a regulator.
The aim of the regulator will be to ensure level playing field and see to it that the sector remains competitive and new entrants are not restricted.
Earlier sources at the Department for Promotion of Industry and Internal Trade (DPIIT) told Moneycontrol that this regulator may hear complaints from both consumers, brick and mortar traders and e-commerce players, acting as centralised authority for all non-personal data exchanges.
Following existing regulators in other sectors it may also have the legal power to seek data from companies, facilitate dispute settlement and impose penalties.