Independent Regulatory Body Needed to Monitor E-Commerce Trade: CAIT

An Independent Regulatory Authority for e-commerce should be constituted to regulate and monitor the e-commerce trade, said Confederation of All India Traders Association (CAIT).

In a letter to Commerce and Industry Minister Suresh Prabhu, CAIT said, “E-commerce players should be asked to furnish certificates about their compliance with foreign direct investment norms every fiscal.”

Those who are unable to obtain the said certificate should not be allowed to raise funds and the operations of their portal should be suspended, it added.

The traders' body alleged that various global e-commerce players have initiated a "vested interest campaign" demanding deferment, extension, amendment or changes in the said policy.

"If the government succumbs to their arbitrary pressure, the trading community will (be) left with no other alternative but to launch a national campaign against any such deferment or extension or otherwise and will expose sinister designs of these global e-commerce players," CAIT said in the letter.

The traders' body also urged the minister to immediately roll out the proposed e-commerce policy for the sector.

In addition, CAIT suggested that the FDI norms as spelled out in the policy should also be made applicable on domestic e-commerce players as well to restrict them for adopting any unethical business practices and remain at par with other e commerce players.