The Online Rummy Federation (TORF) announced its launch on December 15, 2017
The Online Rummy Federation (TORF) announced its launch on December 15, 2017 in The Taj Mahal Hotel in New Delhi. The event highlighted the key opportunities and challenges of the online rummy industry and how the Federation intends to work towards serving this sector and all its stakeholders.
The launch event was graced by eminent guests including Mr. Parag P Tripathi, Senior Advocate, Supreme Court of India, who delivered the keynote address at the launch of the event, Mr. Mario Galea, Senior Consultant, Random Consulting, Malta, the CEOs of online rummy companies including Ace2three, Jungleerummy, Rummycircle and Classicrummy. The event was also attended by other online gaming entrepreneurs, legal experts, online advertising and payment partners.
Mr. Mario Galea, who is a pioneer in setting up regulatory frameworks both in Europe and the US, presented his views on the gaming regulations and practices in regulated markets, and spoke about several aspects of self-regulation and how it can work in the Indian context.
The Legal Panel comprising of Mr. Pragyaan Sharma, Advocate, Supreme Court of India, Mr. Vidushpat Singhania, Advocate and Managing Partner, Krida Legal, Mr. Vaibhav Kakkar, Partner, Luthra and Luthra and Mr. Malay Shukla, Secretary, TORF discussed the legal position applicable to games of skill in India and how these are protected as permitted legal activities. They also expressed that skill games industry is a permitted sector for foreign direct investment under the automatic route as per the extant FDI policy in India.
The online rummy operators gave an overview about the prospects of the online rummy industry which is sized at Rs 1000 cr and expected to grow at 60 to 70% annually. Owning to the industry growth, online rummy businesses, who have thus far individually operated in a self-regulated manner, have chosen to come together and benefit from each other’s experience to build a common self-regulatory platform.
The Online Rummy Federation aspires to be the gold standard of self-regulation for the online rummy industry and be an example for other online businesses. The Online Rummy Federation shall engage with experts in various fields including, technology, payments, gaming regulation, law and other ITES industries and will function as a neutral self-regulatory body to ensure that the guidelines and recommendations for the online rummy operators are forward looking and of very high standards.
Event Photo Gallery