The Ministry of Electronics and Information Technology says it is taking action amid concerns over speculative betting and regulatory gaps.
India.- The Ministry of Electronics and Information Technology (MeitY) has confirmed that it is assessing platforms such as Kalshi and Polymarket amid concerns about their use for speculative wagering on real-world events, including elections and major sports competitions.
Officials indicated that user activity on such platforms has been under review, and that action has already been taken in cases where violations were identified, including issuing blocking orders. However, it recognised that the use of virtual private networks (VPNs) is a challenge.
The Securities and Exchange Board of India (SEBI) has also raised red flags, noting that some prediction market products may resemble financial derivatives. In a prior advisory, the regulator cautioned that such offerings could violate securities laws if operated without proper registration.
The Ministry of Electronics and Information Technology says it is taking action amid concerns over speculative betting and regulatory gaps. India.- The Ministry of Electronics and Information Technology (MeitY) has confirmed that it is assessing platforms such as Kalshi and Polymarket amid concerns about their use for speculative wagering on real-world events, including elections and…
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