E-commerce companies have become reckless due to the lack of a legal framework to curb fraudulence in the sector as the regulatory offices are busy in the formation of committees on the same issues.
The commerce ministry has formed a sub-committee to explore the possibilities of new law e-commerce comprising five existing laws relate to the sector, a top official has informed.
Over the last three months, the ministry of commerce formed at least three committees to find out ways to solve the problems involving several e-commerce scams, sources informed Daily Sun.
On September 27, the ministry formulated a 16-member committee headed by an additional secretary to draft the law and form an independent authority for the e-commerce sector.
Within a week, the committee created another subcommittee to assess the necessity of a new law as a new law takes more than one year to enact.
The E-commerce Association of Bangladesh (E-Cab) is the trade body in the sector.
“There will not be any regulatory body. The committee will discuss the formulation of a law to bring transparency in e-commerce sector,” Mohammad Abdul Haque, finance secretary at E-Cab, told the Daily Sun.
However, the decision later shifted to the formation of a new law amid criticism from different quarters. Industry insiders said the e-commerce companies will get more scope to commit fraudulence in absence of a law.
The e-commerce sector has been rattled with scams in different modes as many companies launched digital business ventures without approval from the government, officials said.
The e-commerce scams came to light when the media reported on the controversial ponzi schemes of Evaly and some other e-commerce platforms last year.
Several committees were formed led by the commerce ministry after Bangladesh Bank found anomalies in financial transactions of some e-commerce platforms.