Govt not to extend February 1 deadline for new e-commerce FDI norms

The e-commerce firms would not be able to have a select few sellers on the platform in which they have stakes in, directly or indirectly

It is Black Friday for Amazon India and Walmart-owned Flipkart as the way they conduct business has changed forever. The newly renamed Department for Promotion of Industry and Internal Trade (DPIIT) on Thursday made it clear it was not going to give firms any extension to the February 1 deadline to comply with the conditions contained in the Press Note 2 on FDI Policy in e-commerce. 

The biggest casualty, sources said, would be e-commerce platforms, including Cloudtail, a JV between Amazon.com and Narayan Murthy's family office Catamaran Ventures, and Appario Retail, a wholly-owned subsidiary of the JV between Amazon India