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ED offers Flipkart option to settle FEMA violation case
The offer was extended last week under FEMA’s compounding rules, which allow entities to voluntarily acknowledge violations and resolve them by paying penalties—avoiding lengthy enforcement proceedings.
The ED also summoned Amazon to assess its compliance status. Both companies have been under increased regulatory scrutiny over alleged violations of India’s foreign investment rules.
The Enforcement Directorate (ED) has reportedly offered Flipkart the option to settle a case related to alleged violations of the Foreign Exchange Management Act (FEMA) by admitting to the breach and paying a penalty, according to an ET Retail report.
The offer was extended last week under FEMA’s compounding rules, which allow entities to voluntarily acknowledge violations and resolve them by paying penalties—avoiding lengthy enforcement proceedings.
However, sources within the ED have reportedly denied making any such offer to Flipkart regarding compounding.
The ED also summoned Amazon to assess its compliance status. Both companies have been under increased regulatory scrutiny over alleged violations of India’s foreign investment rules.
Last year, the ED intensified its probe into Amazon and Flipkart, including plans to summon senior executives. The investigation followed raids on multiple sellers using their platforms, amid concerns that the companies were indirectly controlling inventory—something prohibited under Indian law, which mandates that foreign-owned e-commerce firms act solely as marketplaces for third-party sellers.
Authorities suspect both companies may have circumvented these rules by maintaining influence over certain sellers. An earlier antitrust inquiry found that Amazon and Flipkart were allegedly favoring select vendors, raising concerns about anti-competitive practices.
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