Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

Mumbai, The <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword> on Monday released a 'draft framework for recognising <keyword id="20198317" type="General" weightage="20" keywordseo="self-regulatory-organisations" source="keywords">Self-Regulatory Organisations</keyword> (SRO) for <keyword id="19942953" type="General" weightage="20" keywordseo="fintech-sector" source="keywords">FinTech Sector</keyword>', laying down the characteristics of a <keyword id="19945816" type="General" weightage="20" keywordseo="fintech" source="keywords">FinTech</keyword> SRO, and includes the required functions and governance standards. FinTechs are significantly reshaping the landscape of financial services by streamlining processes, improving accessibility, and reducing costs. Achieving a healthy balance between facilitating innovation by the industry on the one hand, and meeting regulatory priorities in a manner that protects consumers and contains risk, on the other, is crucial to optimising the contribution of the FinTech sector, the RBI said. "Self-regulation within the FinTech sector is a preferred approach for achieving the desired balance," the central bank stated. According to the RBI draft framework, the SRO-FT would derive its strength from its membership, ensuring that it is truly representative of the FinTech sector. Through comprehensive membership agreements that encompass a broad spectrum of industry players, the SRO-FT should gain the legitimacy and credibility to not only frame baseline standards and rules of conduct codes, but also to effectively monitor and enforce them. The SRO-FT must be looked up to and accepted by the industry as the key body for setting market standards, defining rules of conduct and ensuring voluntary adoption of the common framework by its members, the RBI said. The framework also states that the SRO-FT should be development-oriented, actively contributing to the growth and evolution of the industry. This involves providing specialised knowledge and expertise, offering guidance, and contributing to capacity building through training programs, and prescribing minimum eligibility criteria for its members. Also, members should perceive the SRO-FT as a legitimate arbiter of disputes. This would require a transparent and fair resolution mechanism for disputes arising among members that instils confidence in the FinTech industry. By efficiently handling conflicts and grievances, the SRO-FT would contribute to a more stable and harmonious FinTech environment. A proactive <keyword id="20198316" type="General" weightage="20" keywordseo="sroft" source="keywords">SROFT</keyword> should be capable of motivating its members to align with regulatory priorities. This would involve facilitating communication between industry players and regulatory bodies, advocating for necessary changes, and promoting a culture of compliance. The SROFT, as its duty towards ensuring compliance, should be empowered to investigate and take disciplinary action against its members for non-adherence to codes/standards/rules. The RBI said comments from stakeholders and members of the public on the draft framework may be sent by end February 2024, through e-mail. The final framework will be issued taking into account stakeholder and public responses.

RBI releases draft framework for Fintech sector self-regulatory organisations

<ul><li>According to <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>, the <keyword id="19945816" type="General" weightage="20" keywordseo="fintech" source="keywords">Fintech</keyword> <keyword id="881153" type="General" weightage="20" keywordseo="self-regulatory-organisation" source="Orion">self regulatory organisation</keyword> (SRO-FT) would derive its strength from its membership, ensuring that it is truly representative of the <keyword id="6133582" type="General" weightage="20" keywordseo="fintech-sector" source="Orion">fintech sector</keyword>. </li><li>The <keyword id="19901291" type="General" weightage="20" keywordseo="sro" source="keywords">SRO</keyword> model enables a balance between regulation and innovation, which is especially critical in fast-evolving sectors such as fintech. </li><li>The SRO-FT is anticipated to function impartially, with credibility and responsibility under the supervision of the regulator. </li></ul>The Reserve Bank(RBI) of India has released a preliminary framework outlining general functions, governance standards, and eligibility requirements for the establishment of a self-regulatory organisation for FinTech firms (SRO-FT). The recognition of SRO-FTs would be determined by the quantity and characteristics of the applications received. According to the RBI, “The SRO-FT would derive its strength from its membership, ensuring that it is truly representative of the fintech sector. Through comprehensive membership agreements that encompass a broad spectrum of industry players, the SRO-FT should gain the legitimacy and credibility to not only frame baseline standards and rules of conduct codes, but also to effectively monitor and enforce them.” Keeping up with technological progress “The RBI's move to establish an SRO framework is a game-changer in financial regulations, especially for digital lending and AI-driven innovation. This is a strong shift towards a collaborative, adaptive ecosystem. By integrating industry insights into regulation, we're ensuring that rules are practical and keep up with technological progress, fostering innovation and growth,” says <keyword id="20212226" type="General" weightage="20" keywordseo="adhil-shetty" source="keywords">Adhil Shetty</keyword>, CEO, BankBazaar, a financial marketplace. He adds that the SRO model enables a balance between regulation and innovation, which is especially critical in fast-evolving sectors such as fintech. This is not just about ensuring compliance; it's about creating a culture of integrity and ethical practices that are ingrained in the industry's DNA. The RBI's commitment to this collaborative approach is thus a significant step in developing a resilient financial ecosystem. Healthy and sustainable growth of the fintech sector “The creation of an SRO is seen as crucial in combating the influence of unscrupulous lenders, promoting ethical conduct, strengthening lending infrastructure, and formulating adaptable regulatory strategies,” says <keyword id="20212225" type="General" weightage="20" keywordseo="madhusudan-ekambaram" source="keywords">Madhusudan Ekambaram</keyword>, Co-founder and CEO, KreditBee, a personal loan app. The SRO-FT is anticipated to function impartially, with credibility and responsibility under the supervision of the regulator. Its primary goal is to contribute to the healthy and sustainable growth of the fintech sector, while also charting a smooth path to phased regulatory compliance when necessary. “This collaborative and participatory approach aligns with the RBI's overarching objective of fostering a resilient and sustainable financial ecosystem, emphasising ethical behaviour and transparency,” says Ekambaram. The SRO-FT is thus expected to play a pivotal role in shaping the course of digital lending in India by ensuring the adoption of responsible practices and maintaining integrity within the industry.

Fintech SRO aims to enhance credibility of sector, promote ethical conduct

Mumbai, Fintech players should form <keyword id="18684976" type="General" weightage="50" keywordseo="a-self-regulatory-organisation" source="Orion">a self regulatory organisation</keyword> for an orderly growth of the industry that is projected to have revenues of USD 200 billion by 2030, <keyword id="7268643" type="General" weightage="20" keywordseo="rbi-governor-shaktikanta-das" source="Orion">RBI Governor Shaktikanta Das</keyword> said on Wednesday. Addressing the industry at the <keyword id="9621521" type="General" weightage="50" keywordseo="global-fintech-fest" source="Orion">Global Fintech Fest</keyword> here, Das said fintech players need to evolve industry best practices to avoid misselling, stress on ethical practices, pricing transparency and take care of privacy and data protection concerns. "I would like to use this opportunity to urge and encourage the fintechs to establish a Self Regulatory Organisation (SRO) themselves," he said and assured all help from the Reserve Bank of India (RBI) for the process. The fintech players should form the SRO at the earliest, Das said and hoped that such a platform will be ready at least by the next edition of the yearly event. Stating that other industries also have SROs, Das said forming an SRO will help the players to voice their concerns. He also said that having the SRO will reduce the burden of regulating a dynamic sector off the RBI's shoulders. Das said regulators play a critical role in addressing arbitrage, ensuring compliance with existing laws, and adopting regulations as per technological advancements. Further, he asked the fintech players -- most of them startups -- to avoid the "relentless drive for valuations" and profits, and asked them to focus on customer centricity. "... to focus on customers means embracing a customer-centric approach to innovation by understanding the needs of customers, making provisions that protect customer interests and earn their trust," he added. He said that good governance will be key to durable and long term success of any company and in particular, the fintech players. Technological innovation has "unprecedented potential" to make finance more inclusive, competitive and robust, Das said, adding that advancements in technology need to evolve in a "responsible" manner. "Fintech players should themselves ensure responsible digital innovations. The Reserve Bank on its part will continue to drive the necessary regulatory and other policy measures to promote a vibrant and responsive fintech ecosystem," he said. While stressing that the coming years hold immense promise which need to be leveraged by innovators, the RBI chief said that as per projections, the fintech sector revenues are set to touch USD 200 billion by 2030. "We are at the cusp of a major transformation in fintech sector". Das also spoke about the progress on the Central Bank Digital Currency and said that newer use cases will be soon added on the wholesale CBDC front. The CBDC retail pilot is currently being operated through 13 banks across 26 cities, Das said, adding that around 1.46 million users and 0.31 million merchants are currently part of the pilot as on August 31, 2023. RBI has also enabled full inter-operability of CBDC with UPI QR codes, and is targeting 10 lakh CBDC transactions per day by December 2023 which will give it sufficient data points for analysis, Das said. Meanwhile, Srinivas Jain, the Co-Chairman of the Fintech Convergence Council, said it will be working earnestly to have an SRO in place at the earliest. "We are not on the same pages on who all from the fintech space can be members as currently this space is dominated by payments tech players but there are many others also in the fray," he told PTI.

RBI Governor asks fintech players to form self regulatory organisation

New Delhi, The <keyword id="296566" type="General" weightage="100" keywordseo="it-ministry" source="Orion">IT Ministry</keyword> will send a notice to <keyword id="790242" type="General" weightage="20" keywordseo="whatsapp" source="Orion">WhatsApp</keyword> on the issue of <keyword id="2232456" type="General" weightage="20" keywordseo="spam-calls" source="Orion">spam calls</keyword> from unknown international numbers, Minister of State for IT Rajeev <keyword id="79017" type="General" weightage="80" keywordseo="chandrasekhar" source="Orion">Chandrasekhar</keyword> on Thursday said, asserting that the onus of ensuring user safety lies with the digital platforms. The digital platforms are responsible and accountable for ensuring the safety of 'digital nagriks', the minister said, adding that the government will respond to every instance of alleged misuse or alleged breach of users' privacy. The minister's comments assume significance as WhatsApp users in India have reported a massive surge in incoming international spam calls over the past few days. Many users complained on Twitter that a major chunk of these spam calls had country codes belonging to Indonesia (+62), Vietnam (+84), Malaysia (+60), Kenya (+254) and Ethiopia (+251). Chandrasekhar on Tuesday said the ministry is taking note of the matter and will send a notice to WhatsApp on the issue. "The Ministry is taking note of it, they will send them a notice," he told reporters on the sidelines of an event organised by the Public Affairs Forum of India (PAFI). He also said that the government is mulling guidelines on what should be permissions for preloaded apps. The minister made it clear that the platforms are responsible for ensuring the safety and trust of users. "I have said repeatedly that openness trust, safety and accountability are the responsibility of platforms who deliver to digital nagriks," the minister noted. If there is an issue of spam, it is certainly an issue WhatsApp should look at or any messenger platform should look at, he added. "Government will respond to every alleged misuse or alleged breach of privacy," he said. One of the problems being examined at this point is also how these numbers are accessed by scammers. "How are they able to identify which numbers are on WhatsApp...are they doing it blindly...is it some database they have got? If there is a database it is a violation of privacy, or if not are they are doing it through a bot... sending messages to random numbers... But that is certainly something platforms will be asked to look at," he said. Chandrasekhar tweeted on Wednesday that the government will investigate a claim that WhatsApp accessed the microphone of smartphone users while the phone was not in use. In a tweet, the minister had said the government will examine the alleged breach of privacy even as the new Digital Personal Data Protection Bill was being readied. This followed a claim that WhatsApp accessed a user's microphone while he was sleeping. WhatsApp responded saying it has been in touch with the Twitter engineer over the last 24 hours, who posted an issue with his Pixel phone and WhatsApp. "We believe this is a bug on Android that misattributes information in their Privacy Dashboard and have asked Google to investigate and remediate," WhatsApp said in a tweet. The company also claimed that users have full control over their mic settings. To a question on some online gaming platforms opposing any idea of the self-regulatory organisation (SRO) backed by the association IAMAI, the minister said it has already been clarified during the consultation process that no existing industry organisation can be an SRO. "SRO has to be notified by the Ministry, which means SRO has to be approved by the Ministry as meeting criteria laid down in online gaming rules. There will be SRO that will be formed...100 will apply, and three will be selected based on who is most transparent, inclusive and who represents most stakeholders and who is more credible," the minister said. On the draft digital personal data protection Bill, Chandrasekhar said he is hopeful that it will be introduced in the coming session of Parliament.

IT ministry to send notice to WhatsApp on international spam calls issue: Chandrasekhar

Melbourne Melbourne (Australia), Jul 31 (360info) The <keyword id="18212065" type="General" weightage="20" keywordseo="european-unions-ai-regulation" source="Orion">European Union's AI regulation</keyword> has some predicting a spate of Brussels copycats. Close, but not quite. "It is the AI moment." So went the declaration from International Telecommunications Union Secretary-General Doreen Bodgan-Martin at the conclusion of a UN summit in Geneva on 7 July 2023. At a historic UN Security Council meeting 11 days later, Secretary-General Antonio Guterres agreed. So did nations and regulators. A desire has emerged from powerful quarters to protect citizens from the potential harms of AI - issues that are known (discrimination, privacy violations, copyright theft) and those which are not. Yet. Most nations have approached issues like this by allowing sectors to individually regulate AI, such as aircraft design and flight safety. The infamous Boeing 737 MAX - which was grounded for over 18 months following two crashes within five months that killed 346 people - is one egregious example of regulatory failure. Other fields that have proactively regulated on AI include medical information (presiding over robot surgery and scan analysis), automated vehicles (the yet-to-materialise Tesla robot taxis and 'Full Self Drive' [sic]) and policing social media networks to protect against harms like disinformation. Some countries, such as the US, Japan and the UK, don't see the need for regulation to go beyond the combination of adaptive sectoral regulation and potential international agreements supplementing more speculative risks discussed in the so-called G7 Hiroshima Process. Others want to go further. More can be done. Generic laws could regulate AI across broader society. China has already published its law governing AI as part of its social control measures, which includes internet filtering through its 'Great Firewall of China' and a social credit scoring system. China intends to strictly control the use of AI much like it has with social media, banning Facebook, Google and TikTok from operating inside its borders (even though the latter has a Chinese parent company). Liberal democracies will not adopt the Chinese approach but may go further than the US, UK and Japan. The largest consumer market, the European Economic Area, is planning to adopt the so-called 'AI Act', which is actually a European Regulation on AI. Over two years since it was first proposed, the Act is locked in negotiations within the EU. It may take until April 2024 to properly pass. But it's not possible to simply lift the EU's AI Act and implant it in a different jurisdiction: it is part of a series of laws in European institutions and such an Act would be lost in translation. There's a name for when EU law is adopted and adapted in other nations: the '<keyword id="18212067" type="General" weightage="80" keywordseo="brussels-effect" source="Orion">Brussels Effect</keyword>', named after the city which hosts the EU's headquarters. It most often is invoked when describing the reaction to the EU's General Data Protection Regulation (GDPR), which came into force in 2018 and has been widely hailed as setting a much-copied global standard for data protection. But an unnuanced analysis of the Brussels Effect is problematic. Many countries did not adopt the GDPR, but instead a separate law (the <keyword id="6359680" type="General" weightage="80" keywordseo="convention" source="Orion">Convention</keyword> 108+) from the <keyword id="113558" type="General" weightage="80" keywordseo="council-of-europe" source="Orion">Council of Europe</keyword>, a Strasbourg-based 47-member human rights organisation which predates the EU. In 2023, a group of interdisciplinary experts unanimously concluded that the Brussels Effect either wasn't possible or, if it was, would be limited. They found the AI Act would sit within the 'digital acquis', a large body of previously agreed laws with an interlocking web of powers and powers, all of which would need reproducing to make sense of the additions the AI Act provides. If such a Brussels Effect in AI is unlikely or highly constrained, there is a model nations could adopt. Despite the Organisation for Economic Cooperation and Development (OECD) and UN Education Social and Cultural Organisation (UNESCO) both agreeing declarations of AI ethics principles, these are non-binding. That leaves Strasbourg's Council of Europe. Unlike EU laws, Conventions by the Council of Europe do not take direct effect in national law. Other nations beyond the Council's 47 members can sign onto Conventions through international agreement. For instance, the Council's Convention 108+ has 55 members, including Canada and countries across Latin America and Africa. The Council of Europe has brokered beyond its members going back decades, notably a 2001 cybercrime treaty that included not only Canada, but Japan and the US. The Convention 108+ is proof of what Oslo University's Lee Bygrave has described as a 'Strasbourg Effect', an alternative to the Brussels phenomenon. The Strasbourg Effect could fuel the way forward on AI. The Convention will likely be similar to the EU's AI Act, but with key distinctions. The Convention is being negotiated with the US, UK and Japan and is likely to adopt a more flexible approach, with more co-regulation with industry and independent experts where appropriate. As the Council of Europe is primarily a human rights organisation, it is also likely to pay more attention to the human rights implications of AI deployment. The Convention also has the advantage of being created in mid-2023, as opposed to the EU's Act which started in 2021. This means it can better address the foundational Large Language Models that emerged in early 2023, such as ChatGPT, Bard and others. In 2024, as the EU's AI Act and the Council's AI Convention are finalised, other liberal democracies, such as Australia, UK, Brazil, Japan and US, are expected to adopt and adapt these laws. When the rush starts, there is more likely to be a Strasbourg Effect of nations copying the Convention than any Brussels Effect. AI's regulation 'moment' that Bodgan-Martin heralded in July will last for years and be an exercise in international legal coordination. It best be comprehensive and careful to ensure the power of AI is deployed for the good of humanity. Chris Marsden is Professor of Artificial Intelligence, Technology and the Law at Monash University and an expert on Internet and digital technology law, having researched and taught in the field since 1995. <keyword id="18212066" type="General" weightage="50" keywordseo="george-christou" source="Orion">George Christou</keyword> is Professor of European Politics and Security at the University of Warwick, UK. He has published widely on European Politics and Security and he is the Editor for Palgrave's New Security Challenges Series. (360info.org) PY PY

What Europe's AI regulation moment will mean for the world

Even as the Indian government has banned 138 betting apps, offshore betting and casino companies are finding new avenues to advertise their illegal wares to millions of unsuspecting Indians. These platforms continue to extensively use sports teams, personalities and industry sponsorships in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>. The Ministry of Electronics and Information Technology (MEITY) banned 138 betting/gambling websites and apps under section 69(A) of the IT Act, as they "were engaging in illegal money laundering &amp; were posing threat to the financial security of our nation," In 2022, The Ministry of Information and Broadcasting had issued two advisories against advertisements of betting on digital media platforms and TV Channels. It had also warned against offshore betting platforms using news as a surrogate product and promoting betting in the garb of news. Football and Kabaddi are two sports that continue to see a lot of betting companies. Stake, an online casino, is the principal partner of the ISL teams Mumbai FC and Hyderabad FC. Parimatch is the main sponsor of the football team <keyword id="2521778" type="General" weightage="80" keywordseo="goa-fc" source="Orion">Goa FC</keyword>. The betting site, Dafa is a sponsor of the Kabaddi team Telugu Titans, while <keyword id="2293995" type="General" weightage="80" keywordseo="fairplay" source="Orion">Fairplay</keyword> is a partner of <keyword id="2455640" type="General" weightage="80" keywordseo="jaipur-pink-panther" source="Orion">Jaipur Pink Panther</keyword>. Bollywood star <keyword id="37518" type="General" weightage="80" keywordseo="nargis-fakhri" source="Orion">Nargis Fakhri</keyword> is the brand ambassador of Betway. The India Affiliate Summit, organised by IAMAI, has among its partners and sponsors, some of the biggest betting and casino companies including Parimatch and Rajabet. The India Affiliate Summit billed as the "largest performance marketing event in India" will be held in October 2023. Parimatch and Khelraja were among the esteemed speakers of the 2022 summit. IAMAI had recently stated that it is most suited to form the proposed self-regulatory organisation (SRO) for online gaming. In an interview given to Mint, the CEO of now-banned betting company Parimatch said that offshore betting companies do deposits of $ 1 billion every month or around INR one lakh crores per year. This makes the illegal betting and casino sector bigger than the legitimate online gaming industry. According to the State of India Gaming Report by Lumikai, the Indian gaming industry saw a revenue of just USD 2.6 billion in FY 2022. The Union Ministry of Electronics and Information Technology (MeitY) has recently released a draft of rules for online gaming companies and invited feedback from various stakeholders. IAMAI said that the rules "are right on intention, but poor on scoping." Four of India's biggest gaming companies had in a letter to MeITY said that IAMAI did not consult them before making the statement public. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/turkey-syria-quake-toll-reaches-over-4300/articleshow/97675299.cms">Turkey-Syria quake toll reaches over 4,300</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-gains-10-paise-to-82-66-against-us-dollar-in-early-trade/articleshow/97678260.cms">Rupee gains 10 paise to 82.66 against US dollar in early trade</a>

Betting, casino companies find new advertising avenues despite govt ban

As the government begins to take steps to fix <keyword id="1464841" type="General" weightage="100" keywordseo="edtech" source="Orion">edtech</keyword> platforms like <keyword id="2900267" type="General" weightage="80" keywordseo="byju" source="Orion">BYJU</keyword>'s, several parents have shared their plight on social media and professional networking platforms as representatives from online education providers continue to force them to buy courses. The Ministry of Consumer Affairs recently pulled up edtech firms during a meeting with them and self-regulatory organisation India Edtech Consortium (<keyword id="306435" type="General" weightage="80" keywordseo="iec" source="Orion">IEC</keyword>) amid aggressive misselling of courses to parents. "Hey BYJU'S and <keyword id="8080458" type="General" weightage="50" keywordseo="whitehat-jr" source="Orion">WhiteHat Jr</keyword>... Trust me I am pushing my daughter to start learning coding, and do IIT JEE preparations with you guys, but she is just not willing to do so. Kids these days don't listen to their parents. She just wants to be an artist. So, please stop calling me to sell these plans/devices," Prashant <keyword id="445" type="General" weightage="50" keywordseo="sharma" source="Orion">Sharma</keyword>, who is into business development and a consultant with a penchant for storytelling, posted on LinkedIn. His post led to a barrage of similar situation being faced by parents all over the country, who are fed by constant aggressive selling of courses by the edtech representatives. <keyword id="14487485" type="General" weightage="50" keywordseo="srikant-ganesh" source="Orion">Srikant Ganesh</keyword>, Vice President at Dentsu Creative India, posted that he can totally relate to Sharma's experience. "My 9 year old son's into chess, plays the keyboard and is into speed-cubing and has no inclination towards computers / coding as such. I believe BYJU's and WhiteHat's of the world realise that there's more to kids these days than just learning to code and yes! They have a mind of their own and no one can push them into something they are not inclined towards. This false sense of FOMO being created by such brands should stop and so should the calls," Ganesh lamented. After the Centre took serious note of mis-selling of courses to parents by edtech firms, self-regulatory organisation IEC said it is committed to protecting consumer interest and has resolved 100 per cent complaints received till June. However, fresh complaints surfaced on social media platforms this month, indicating that the problem has not been addressed in totality. "This happened to me. The sales representatives of #Byju's need to be trained to handle a 'No'. I have personally experienced this when a representative called my wife and she said that we don't want to enroll. He kept calling and then I had to intervene. He kept insisting that your child had been registered on their site, so how could we say No! He didn't seem to understand and finally I had to explain to him by activating my desi side. I registered my complaint on their site but it was removed the next day," posted Dheeraj Grover, Senior Manager, HR, at VVDN Technologies. Thangarathnavel M., Head of Business Development-South Asia at German company Covestro, said on LinkedIn that he could fully relate to it too. "I had enrolled my son 2 years back but it was not much of any use. Few months back I started receiving calls from them again to enrol my son for the physical classes. But even after saying no, the calls never stopped. Once I gave a piece of my mind to one of the callers and asked him to share the mobile number of Mr. BYJU. Now the calls have stopped coming. Hope they stop this forever," he described his plight. Earlier this month, the Centre warned edtech companies against unfair trade practices. In a meeting with the IEC, Consumer Affairs Secretary, Rohit <keyword id="255172" type="General" weightage="50" keywordseo="kumar-singh" source="Orion">Kumar Singh</keyword>, said that if self-regulation does not curb unfair trade practices, then stringent guidelines would be formulated for ensuring transparency. The meeting was attended by representatives of the IAMAI, along with IEC member companies including upGrad, BYJU'S, Unacademy, Vedantu, Great Learning, WhiteHat Jr, and Sunstone. During the meeting, issues pertaining to unfair trade practices and misleading advertisements for the Indian edtech sector figured prominently. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/article/opinion-green-financing-in-india-need-significance-urgency-and-way-forward/articleshow/92948265.cms">OPINION: Green financing in India — Need, significance, urgency, and way forward</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/top-10-airlines-in-the-world/slidelist/92950615.cms">Top 10 Airlines in the world in 2022: Stats and performance explained</a>

My child likes chess not coding, parents fume at edtech marketers on social media

<ul><li><keyword id="6416838" type="General" weightage="20" keywordseo="coindcx" source="Orion">CoinDCX</keyword> and <keyword id="169284" type="General" weightage="20" keywordseo="asci" source="Orion">ASCI</keyword> aim to enhance confidence and credibility of India’s rapidly growing cryptocurrency and digital asset industry.</li><li>The move comes after crypto exchanges in India — which includes WazirX, CoinSwitch Kuber and CoinDCX —<a href="https://www.businessinsider.in/cryptocurrency/news/wazirx-coindcx-and-other-indian-crypto-exchanges-will-reportedly-have-new-advertisement-guidelines-in-the-next-seven-to-ten-days/articleshow/84756896.cms" data-type="tilCustomLink"> have been putting the pedal to the metal</a> when it comes to advertising in the country.</li></ul>Earlier last month, a notice by the Delhi High Court had asked Indian exchanges to add ‘standardised’ disclaimers to their ads in response to a plea that complained that the currency disclaimers are too small to read. Now, <keyword id="120108" type="General" weightage="20" keywordseo="advertising-standards-council-of-india" source="Orion">Advertising Standards Council of India</keyword> (ASCI), a voluntary self-regulatory organisation of the advertising industry has partnered with CoinDCX to mull over regulations to build transparency in <keyword id="11943645" type="General" weightage="20" keywordseo="crypto-advertising" source="Orion">crypto advertising</keyword>. With this membership, CoinDCX will actively support the advancement of advertising standards within India’s cryptocurrency and digital asset industry — thereby promoting transparency in communications and building public confidence in the space. Sumit Gupta, Co-Founder and CEO of CoinDCX, said: “We are honoured to be a member of ASCI that safeguards consumers' interests. The involvement reaffirms our commitment towards ensuring safety and security for our users, and to raise the bar for advertising transparency in crypto space in India. This will boost confidence among the users, and they can use our platform without any apprehension. Being the safest crypto exchange, we have always gone the extra mile to ensure we are fully compliant with the laws and imbue credibility and trust in our service and products.” Commenting on CoinDCX’s membership, <keyword id="212022" type="General" weightage="20" keywordseo="subhash-kamath" source="Orion">Subhash Kamath</keyword>, Chairman of ASCI said: “As ASCI steps into a digital age the nature of advertisers and advertising is changing rapidly. We welcome members representing these new industries, who believe in self-regulation. Collaboration and consultation with all stakeholders are keys to navigating the consumer protection challenges posed in this digital age.” Founded in 2018, CoinDCX has already onboarded more than 3.5 million users. It will now carry forward the vision of making crypto accessible in India and accelerate its efforts towards bringing 50 million Indians into crypto. With the growing positive sentiments in the crypto space this year, CoinDCX will continue to scale its dedicated products on the investments and trading side.

ASCI joins hands with CoinDCX to build trust and credibility in crypto advertising

<ul class="summary-list"><li>On September 19, Singapore-based ecommerce giant Shopee announced its latest round of layoffs.</li><li>Shopee is pivoting from a growth mindset to cutting costs as external funding dries up.</li></ul>As employees trickled into the offices of Singapore-headquartered ecommerce platform Shopee on September 19, it became clear that this was going to be no ordinary Monday morning.Within the next few hours, a "low single-digit percentage" of the company's employees had been given their marching orders, a Shopee spokesperson told Insider. The company employed more than 67,000 people at the end of 2021, per <a href="https://www.bloomberg.com/news/articles/2022-09-19/sea-plans-to-fire-3-of-indonesia-staff-as-regional-cuts-begin" target="_blank" rel="noopener noreferrer">Bloomberg</a>. Hours after the layoffs started — which a source close to the situation described as a "right-sizing" of resources — LinkedIn was lighting up with testaments from former employees expressing shock and dismay over their termination.The latest round of Shopee <a href="https://www.businessinsider.com/shopee-layoffs-southeast-asia-job-cuts-staff-reports-2022-9">layoffs</a> came almost exactly a year after the ecommerce giant <a href="https://www.reuters.com/technology/sea-ltd-raises-about-6-billion-mega-fund-raising-2021-09-10/">raised</a> $6 billion through the sale of equity and bonds in September 2021. At the time, it was the largest fundraising in Southeast Asia.We dug through Sea Limited's financials to piece together an inside look at the company and found that while revenue has been climbing year over year, losses have been growing. What's more, the recent Federal Reserve rate hikes have made it hard for Shopee — and other tech giants — to raise funds. Now, the company's mindset is shifting from growth to preserving cash.<h2>A turbulent seven months</h2>Shopee was founded in 2015 by Chinese-born Singaporean businessman Forrest Li. The ecommerce brand launched in seven markets across Southeast Asia and has since expanded into 13 markets. Today, Li is the billionaire CEO of NYSE-listed Sea Limited, which <a href="https://www.sec.gov/Archives/edgar/data/1703399/000119312517291352/d363501df1.htm" target="_blank" rel="noopener noreferrer">owns</a> 100% of Shopee as well a gaming unit called Garena.The company's public decisions over the past seven months have heralded various issues, both financial and regulatory.In March, Shopee <a href="https://www.techinasia.com/shopee-indias-over-300-staff-lurch-checks-out-country" target="_blank" rel="noopener noreferrer">closed</a> its Indian office and laid off 300 staff members. The closure came a month after regulatory <a href="https://www.hindustantimes.com/india-news/video-chat-gaming-selfie-cameras-list-of-54-chinese-apps-banned-by-govt-101644820210357.html" target="_blank" rel="noopener noreferrer">intervention</a> by the Indian government led to the banning of certain apps, including Garena's Free Fire.In March, Shopee also <a href="https://www.straitstimes.com/business/companies-markets/seas-shopee-exits-france-a-few-months-into-europe-foray" target="_blank" rel="noopener noreferrer">pulled out</a> of France, its sole presence in Europe.In late August, Shopee <a href="https://www.scmp.com/tech/big-tech/article/3190793/chinese-engineer-cut-shopee-after-landing-singapore-goes-viral-wechat" target="_blank" rel="noopener noreferrer">rescinded</a> several job offers, the South China Morning Post reported. Among those was an offer extended to a Chinese national, who discovered that the offer had been pulled when he landed in Singapore along with his wife and dog.In early September, Shopee told staffers it was shutting operations in Chile, Columbia, and Mexico, and was entirely exiting Argentina, <a href="https://www.straitstimes.com/business/companies-markets/seas-shopee-shuts-operations-in-argentina-chile-colombia-mexico-sources" target="_blank" rel="noopener noreferrer">per</a> local news agency Straits Times.And finally, on September 15, a few days before the cuts began, Li wrote a 1,000-word <a href="https://www.businessinsider.com/shopee-layoffs-memo-singapore-billionaire-forrest-li-full-text-2022-9" target="_blank" rel="noopener noreferrer">memo</a> to staffers. In it, he said the adverse market conditions are "not a quickly passing storm" and wrote that the company's objective for the next 12-18 months would be to become self-sufficient.Li wrote that the company has a "solid cash base" but warned that "we can easily run through this cash base if we are not careful, and with investors fleeing for 'safe haven' investments, we do not anticipate being able to raise funds in the market." He also outlined a series of cost-cutting measures the company would be taking, including top-level executives temporarily forgoing salaries.Sea Limited, the parent company of Shopee, declined to comment for this piece.<h2>Numbers paint a bleak picture</h2>Sea Limited has lost around $170 billion of market value since an October 2021 high, per <a href="https://www.bloomberg.com/news/articles/2022-09-19/sea-plans-to-fire-3-of-indonesia-staff-as-regional-cuts-begin?utm_source=google&amp;utm_medium=bd&amp;cmpId=google">Bloomberg</a>.Its quarterly losses have been ballooning, and the top-line revenues did not translate to profits in the second quarter of 2022. At the end of the second quarter, the company started signaling trouble ahead when it suspended a revenue forecast for the ecommerce business in 2022.Sea Limited's financial <a href="https://cdn.sea.com/webmain/static/resource/seagroup/website/investornews/2Q2022/uXxGiCr8oTGxOFTPhBUB/2022.08.16%20Sea%20Second%20Quarter%202022%20Results.pdf" target="_blank" rel="noopener noreferrer">statements</a> show that revenue is rising, and that ecommerce is the biggest growth driver. In the second quarter, Sea Limited's revenue stood at $2.9 billion, a 29% year-over-year growth. In the same quarter, Shopee's revenue came in at $1.8 billion, marking 75.6% year-over-year growth.However, the company's losses are also mounting. Sea Limited reported a loss of $931.2 million in the second quarter of 2022, widening significantly from a net loss of $433.7 million in the second quarter of 2021 and on the tail of two straight quarters of losses.Amid these growing losses, Sea Limited revised and then dropped its ecommerce revenue guidance for the year.In the fourth quarter of 2021, Shopee expected ecommerce revenue in 2022 to fall between $8.9 billion and $9.1 billion. The following quarter, it lowered that forecast range to $8.5 billion to $9.1 billion. And then, in the second quarter of 2022, the company said it would be "suspending" its ecommerce revenue guidance for 2022 altogether.<h2>Businesses do not operate in silos </h2>The layoffs and cutbacks at Shopee come as the tech industry at large undergoes a seismic shift in staffing.Facebook parent Meta is reorganizing departments and putting some employees on a <a href="https://www.businessinsider.com/meta-downsizing-workers-month-find-new-internal-job-before-layoffs-2022-9">30-day list</a> that gives them a month to find new roles within the organisation or leave, per a Wall Street Journal report. Fifty staffers of Google's startup incubator Area 120 will need to find new internal roles or risk being <a href="https://www.wsj.com/articles/google-makes-cuts-to-in-house-startup-incubator-11663184199">terminated</a>. Snapchat parent Snap Inc. plans to <a href="https://edition.cnn.com/2022/08/31/tech/snapchat-layoffs/index.html">lay off</a> around 20% of its roughly 6,400-person staff, or roughly 1,200 employees, CNN reported. These companies — Shopee included — have seen their growth explode in recent years. Sea Limited <a href="https://www.annualreports.com/HostedData/AnnualReportArchive/s/NYSE_SE_2017.pdf">posted</a> revenues of $414 million in 2017, which ballooned to almost $10 billion in 2021. This growth was mainly fueled by cash from fundraising, as in its record September 2021 fundraising round.The market from which these growth-minded tech companies raised their funds looks drastically different now. Looking to bring down the rate of inflation, the Federal Reserve raised benchmark interest rates by another 0.75 points to 3% to 3.25% on September 21. While this means the cost of borrowing has shot up, it also means the return on risk-free assets — like US Treasury bonds — could be more attractive to investors than riskier tech stocks, <a href="https://affiliate.insider.com?u=%7Bhttps%3A%2F%2Fwww.fool.com%2Finvesting%2F2022%2F09%2F20%2Fwhy-sea-limited-suddenly-serious-about-cash-flow%2F%7D.%C2%A0">per</a> the Motley Fool.This is the scenario Li alluded to in his September 15 staff <a href="https://www.businessinsider.com/shopee-layoffs-memo-singapore-billionaire-forrest-li-full-text-2022-9">memo</a>, when he wrote that investors are fleeing for "safe-haven" investments, and it's why investment funding has dried up for Shopee. As an alternate to external funding, companies can look inwards to fuel growth and expansion. However, Sea Limited has been posting losses for the past few quarters, so that option is not viable in the short-term.All this has led to Shopee prioritizing cash flow via cost-cutting over growth, which in turn led to the September 19 layoffs and to the mindset change Li outlined in his staff memo."In the past, we have focused on growth first, and sometimes growth at all costs. This was not a wrong approach, as global conditions were ripe with opportunities then," Li wrote. "But now that global conditions have changed, we too must adapt."

Shopee, the Amazon of Southeast Asia, has been on a layoff spree within a year of raising $6 billion. We dug into the financials for an inside look.

Nobel Peace Laureate <keyword id="83501" type="PERSON" weightage="20" keywordseo="Muhammad-Yunus">Muhammad Yunus</keyword> on Saturday said building rural economy is important to stop migration amid the challenges caused due to coronavirus pandemic. "Micro credit is about building rural economy. Corona crisis has given the industry an opportunity to aid in creating a strong rural economy. Creating a strong independent rural economy will not only halt rural to urban migration but in the years to come, the migration will be urban to rural," Yunus said at a webinar by <keyword id="477100" type="ORGANIZATION" weightage="20" keywordseo="microfinance-industry">microfinance industry</keyword>. Microfinance institutions should create programmes like venture capital to create entrepreneurs in rural India, he said. There is a need for creating a national disaster fund for the sector and managed by the sector in India, Yunus said while speaking in the webinar organised by Sa-Dhan, a self regulatory organisation for the industry. Notably, India has been witnessing reverse migration of labourers and workers to their home states as lockdown imposed due to coronavirus pandemic affected them badly economically alongside huge number of job losses as well. SEE ALSO: <a href="https://www.businessinsider.in/india/news/with-233-fresh-cases-bihars-covid-19-tally-rises-to-4831/articleshow/76238545.cms">Bihar registers 233 new coronavirus cases with its overall tally rising to 4.831</a> <a href="https://www.businessinsider.in/india/news/noida-21-new-covid-19-cases-tally-591/articleshow/76238339.cms">Noida’s total coronavirus cases hit 591 with 21 new cases detected in the past 24 hours</a> <a href="https://www.businessinsider.in/india/news/342-new-coronavirus-cases-in-pune-district-six-deaths/articleshow/76239001.cms">Six more people die of coronavirus in Pune with 342 fresh cases</a>

Nobel Peace Laureate Muhammad Yunus says building the rural economy is the key to halt migration

New Delhi, Dec 6 () Online video streaming platform Netflix is looking to develop premium content in India and distribute it globally, its Chief Executive Officer Reed Hastings said on Friday.
 He said that a reason for investing in India is stable regulatory regime and allowing self-regulation for over-the-top players such as Netflix.
 "So many great storytellers are there in India. We are just investing in using those and exporting. Internet does many things but one of them allows Indian content to be shared around the world," Hastings said.
 He was speaking at a panel discussion organised by his company with Bollywood actress Huma Qureshi.
 He said the company is investing Rs 3,000 crore to develop content, and Indian content is being watched around the world.
 "We have had successes of Laila and Sacred Games all around. A cute little one is Mighty Little Bhim -- that's great Indian little character. Now, we have made a little series which is subscribed and being watched by 27 million households," Hastings said.
 He said Mighty Little Bhim is being watched across Brazil, Canada and other countries.
 "Such an opportunity here to be like the UK. The UK exports tremendous amount of content. What we are trying to invest here. It has been in movies but premium series like Laila and Sacred Games have been under development," Hasting said.
 The company for the first time started subscription service in India for low price of Rs 199 to get more audience for the platform.
 Netflix said the government has given freedom to OTT players for self-regulation.
 "You can never take freedom for granted. Part of the reason we are excited about doing this Rs 3,000 crore investment is because of stable regulatory environment," Hastings said. PRS HRS

Netflix looking to export content from India with Rs 3,000 cr investment

<ul><li>Regulation of OTT platforms and digital news providers will now fall under the gambit of the Information and Broadcasting (I&amp;B) Ministry instead of the Ministry of Electronics and Information Technology (MeiTY).</li><li>With the winter session of parliament right around the corner, many are nervous that this could indicate more than just the changing of the guard. </li><li>Here are the burning unanswered questions that the online community is wondering about.</li></ul>The regulation of OTT platforms like <keyword id="128682" type="COMPANY" weightage="20" keywordseo="Netflix">Netflix</keyword>, HotstarDisney+, Amazon Prime Video and others has been pulled from the Ministry of Electronics and Information Technology (MeiTY) and handed off to the Information and Broadcasting (I&amp;B) Ministry. Aside from the changing of the guard, the government is yet to shed light on what it actually means for the OTT channel and news content curators themselves. One can only assume that a new regulatory framework will be put in place to address the challenges that have cropped in recent years. The winter session of Parliament is also right around the corner. “Although there is little to no clarity about what this entails for different types of intermediaries, platform and content creators, it portends a regime with more interference from the Ministry of I&amp;B and less reliance on self-regulation by the OTT platforms extending the censorship heavy legacy to the Internet,” technology lawyer and founder of the Software Freedom Law Center (SFLC) told Business Insider. Despite the ambiguity, Internet Freedom Foundation chair and founder of SaveTheInternet Raman Chima, also believes that this is more than just a reorganisation of departments. “It does indicate government intent. That is definitely worrying. This change was made without any proper public consultation,” he explained on <a href="https://twitter.com/tame_wildcard/status/1326553154893217795">Twitter</a>. Here are some of the unanswered questions around what the change in regulations could mean for OTT platforms and news content providers: <ul><li>Will the government be holding a discussion with stakeholders before implementing new regulations?</li></ul>Some experts believe that there is a trend in the making. First, the government added a regulatory structure around foreign direct investment (FDI) and now, it’s looking to regulate content. <ul><li>Will the new regulations be on par with current regulations currently in place?</li></ul>The key obstacle they will face is that, at a technical level, broadcast, print and digital aren’t the same. This will make treating them as the same increasingly difficult. <ul><li>How will user-generated content be regulated on platforms like YouTube, Facebook and others?</li></ul>While OTT platforms curate content and are responsible for what goes up on the platform, YouTube and Facebook are ‘intermediaries’. This means that they do take any responsibility for the content that is posted on their site, and instead pass the buck onto individual users. <ul><li>How will digital news media be defined? Will personal channels like Dhruv Rathi and Akash Banerjee come under digital news media?</li></ul>The mediums used to dispense the news in the digital era expands well beyond the written word or even structured news publications. There are influencers like Dhruv Rathi analysing the news, personalised newsletters that people can subscribe to, instagram alerts and so much more. The new regulations will have to define what amounts to news, and what does not. <ul><li>Will every news organisation on the internet will have to register itself?</li></ul>Not every news publication exists in the brick-and-mortar world, some are only digital. In fact, the freedom to register a website and dispense content at a minimal cost is of the primary pros of being on the internet. But non-digital news organisations have to register and get government approval before they can take off. If the same applies to the online world, it should lead to a drastic cut in the number of publications able to report the news. <ul><li>Will this mean nobody can post on YouTube or Facebook if they’re not registered?</li></ul>In addition to channels and influencers, day-to-day users also express their opinion and share the news online. Like FM channels, will this mean that those who are not registered will no longer be allowed to post about the news on social networking hubs like Facebook, Twitter and YouTube? Will generic vlogs be flagged or taken down should they make mention of any current events? <ul><li>Will there be a cap on subscriptions and memberships, or a minimum rate that can be charged?</li></ul>News publications and individuals are also offering newsletters and subscriptions. The new slew of regulations hold the potential to cap the number of people who can sign up. They could also dictate a ceiling price that would limit how much can be charged for such services. <ul><li>Is the government going to block any news outfit or OTT that’s not registered in India?</li></ul>In addition to the publications in India, it’s uncertain what the regulations will mean for foreign entities. While they do report on India, without registering with the government on par with print regulations the government may block access. <ul><li>Will content rules for OTT platforms now be the same as the ones for television channels?</li></ul>Television channels have to adhere to strict rules about what can and cannot be said while OTT platforms do not. This has been one of the critical reasons behind the success of shows like Sacred Games, or Mirzapur. <ul><li>Will movies that release exclusively on the internet now require a certification from the licensing board?</li></ul>Movies that get released online don’t need to be licensed by Central Board of Film Certification. But with the I&amp;B Ministry at the helm, they may have to adhere to the rules and regulations of the board, which many fear will restrict creative expression. The way news is disseminated is also diversifying. Publications have alerts on WhatsApp and Telegram, others have personalised newsletters, and most are spread across difficult mediums — from text to video to podcasts. Individual states already have anti fake-news task forces within their ranks that have thus far proven ineffective, other than in cases on anti-government news deemed to be misleading. Given the wide array of complications in implementing blanket regulations, the task will be nearly impossible to execute. So, what remains to be seen, is what the government’s intent is behind bringing a new regulatory authority for OTT platforms and news content providers. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/google-photos-will-no-longer-offer-free-and-unlimited-photo-uploads-starting-june-next-year/articleshow/79184955.cms">Google Photos' most endearing feature is going out the window starting June next year</a> <a href="https://www.businessinsider.in/india/news/psu-bank-employees-wage-revision-finalised-after-three-years-of-waiting-only-a-1500-increase-in-salary-for-officers/articleshow/79166497.cms">PSU bank employees wage revision finalised after three years of waiting — only a ₹1,500 increase in salary for officers</a> <a href="https://www.businessinsider.in/tech/apps/news/instagram-down-users-complain-of-frozen-timelines-and-likes/articleshow/79146012.cms">Instagram down for a second consecutive day — Facebook is working on a fix but has not disclosed what's wrong</a>

You Searched For "self regulatory organisations" and got 12 results

RBI releases draft framework for Fintech sector self-regulatory organisations

IANS

Fintech SRO aims to enhance credibility of sector, promote ethical conduct

Anagh Pal

RBI Governor asks fintech players to form self regulatory organisation

PTI

IT ministry to send notice to WhatsApp on international spam calls issue: Chandrasekhar

PTI

What Europe's AI regulation moment will mean for the world

PTI

Betting, casino companies find new advertising avenues despite govt ban

IANS

My child likes chess not coding, parents fume at edtech marketers on social media

IANS

ASCI joins hands with CoinDCX to build trust and credibility in crypto advertising

BI India Partner

Shopee, the Amazon of Southeast Asia, has been on a layoff spree within a year of raising $6 billion. We dug into the financials for an inside look.

Nidhi Pandurangi

Nobel Peace Laureate Muhammad Yunus says building the rural economy is the key to halt migration

PTI

Netflix looking to export content from India with Rs 3,000 cr investment

PTI

Unanswered questions as regulation of OTT platforms and digital news providers moves from one government department to another

Prabhjote Gill

Popular Keywords

Buying Guides