• Wednesday, Dec 08, 2021
  • Last Update : 01:43 pm

CPD: The e-commerce sector does not need a new regulatory body

  • Published at 08:39 pm September 25th, 2021
E-commerce_digitalization
Photo: Bigstock

Monitoring and coordination of regulatory bodies as well law amendment is crucial, says the think tank

In the midst of the current scenario of the e-commerce sector, experts suggest that amendments in existing law and the efficient coordination between regulatory bodies are crucial to overcoming the current crisis, rather than introducing a new regulatory body.

A virtual dialogue on “Challenges in the e-commerce sector,” was organized by the Centre for Policy Dialogue (CPD).

CPD’s Executive Director, Dr Fahmida Khatun moderated the session alongside, e-commerce experts, researchers, development practitioners, academics, business leaders, international development partners, and journalists who were present at the dialogue.

CPD’s Chairman, Professor Rehman Sobhan addressing the event said that scams happened due to the lack of proper governance.

Speakers also said: “More than a thousand crores worth of consumers’ money has been scammed by several e-commerce platforms along with the confidence of the general mass being hit. However, e-commerce has a huge potential for job creation and economic growth and needs to be monitored.”

According to the experts, the institutional capacity of the regulatory bodies- Ministry of Commerce, Bangladesh Bank, Directorate of National Consumers' Right Protection, Financial Intelligence Unit, and Competition Commission- should be enhanced through sufficient and skilled human resources and adoption of technology, which would also help to sustain the growing sector.

Speaking to Dhaka Tribune, the e-Commerce Association of Bangladesh (e-CAB) officials explained that several regulatory bodies and agencies have to be involved to ensure consumer protection through a framework that still needs to be defined for the e-commerce sector.

The relevant agencies include the Bangladesh Competition Commission, ICT Division, a2i, Directorate of National Consumer Rights Protection, the Bangladesh Bank, as well as the Commerce Ministry.

Despite the Digital Commerce Policy introduced in 2018, much of the framework that has been advised still lacks execution, according to industry insiders.

Waseem Alim, founder, and chief executive officer of Chaldal.com debated the need for a new regulatory body and the current framework would be sufficient if just monitored properly citing additional regulations will discourage new businesses.

AKM Fahim Mashroor, chief executive officer of Bdjobs.com Limited also agreed with Alim and suggested strengthening regulatory bodies such as the central bank.


53
Facebook 51
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail