Traders’ body CAIT calls for dedicated regulatory body for ecommerce

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The story "Traders’ body CAIT calls for dedicated regulatory body for ecommerce" was covered 11 hours ago by YourStory, a news publisher based in India.

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Traders’ body CAIT calls for dedicated regulatory body for ecommerce - YourStory

Quick Summary:

The letter comes as both Amazon and Flipkart host millions of buyers on their platforms for festive sales, namely Big Billion Days and Great Indian Festival, respectively.

CAIT claims that even with illegal practices, both the marketplaces have incurred huge losses which are funded through foreign direct investment (FDI) brought in the guise of developing marketplace infrastructure.“In other words, the FDI was used for cash burning and selling at cheap with a view to shut down the competitors and to exploit the market once the competitors vanish from the market,” stated the letter.

It further asked for a time frame to conclude hearings on disputes.