Parliamentary panel calls for body to regulate digital markets

New Delhi: Rajya Sabha’s standing committee on commerce, in a recent report on regulation of e-commerce, has recommended a “Digital Market Division” within the Competition Commission of India (CCI) be created as an expert division, specifically tasked with regulation of digital markets.

In its report, which was recently presented in Parliament, the panel has also urged the government to formulate a national cybercrime policy, which holds significance amid increasing reliance on digital technology.

It has asked the government to formulate a comprehensive national cybercrime policy or a legislation, in consultation with stakeholders and industry experts.

The committee, which is headed by Congress MP Abhishek Manu Singhvi, has said in its report that “the presence of an overarching regulatory body, that glues together different ministries and departments and authorities that presently regulate e-commerce, will strengthen the regulatory regime and bridge the existing gaps in enforcement”.

The committee recommended that a Digital Market Division within the CCI be created as an expert division, specifically tasked with regulation of the digital markets with participation from all the existing regulators concerned with e-commerce such as Department for Promotion of Industry and Internal Trade, Ministry of Consumer Affairs, Food and Public Distribution, Ministry of Electronics and Information Technology as well as the Reserve Bank of India (RBI).

While highlighting the significance of a national cybercrime policy, the panel noted that the government has adopted a fragmented approach with regard to matters relating to cybercrimes.

It further observed that such fragmented approach will not serve the purpose keeping in view the critical nature of the cyber infrastructure with increasing reliance on digital technology.

It therefore suggested that “cybercrimes and its related matters such as skilling and training in digital crimes investigation, creation of dedicated cybercrime division, cyber security standards, investigation process and grievance redressal mechanism, merit attention in the form of a National Cybercrime Policy”.