- The US Trade Consultant has identified as out e-commerce web site
IndiaMART for offering ‘counterfeit goods’ on its system. - The problem of faux merchandise is not quite stunning, as in the earlier India’s drug regulator had issued notices to e-commerce firms like Amazon, Flipkart and IndiaMART for the identical.
- IndiaMART’s stock has also upset traders by not satisfying any returns in the previous a single calendar year.
It is not daily that an Indian multi-billion dollar e-commerce system will get openly accused of selling ‘counterfeit goods’ on its platform, that far too by the US Trade Representative (USTR). But it just took place with IndiaMART.
IndiaMART, a publicly listed e-commerce site and cell app that connects prospective buyers with suppliers, describes itself as the world’s 2nd most significant on the web company-to-small business sector.
The US Trade Agent on Thursday came out with a report ‘2021 Evaluation of Infamous Marketplaces for Counterfeiting and Piracy’ in which it identified 42 on the web and 35 actual physical marketplaces around the environment that present counterfeiting solutions or copyright piracy.
The report named out 4 offline Indian markets also — Heera Panna in Mumbai, Kidderpore in Kolkata, Tank Street in Delhi and Palika Bazaar in Delhi.
It is explained that duplicate merchandise can allegedly be uncovered in massive volumes on IndiaMART, including counterfeit prescription drugs, electronics, and clothing.
Nevertheless, this is not a shocking allegation for the organization as in the previous India’s drug regulator
has issued notices to e-commerce firms like Amazon, Flipkart and IndiaMART for marketing counterfeit goods.
Seemingly, IndiaMART has a recognize-and-takedown procedure, but buyers say that it is burdensome to use and the method to remove the product or service is slow, as for each the USTR report. “The status of notices is not transparently communicated to proper holders,” explained the report.
Enterprise Insider has sent an electronic mail to IndiaMART looking for opinions on the report, but did not elicit any reaction till the time of publication.
Meanwhile, the company’s stock has also unhappy investors by not offering any returns in the final 1 yr as the stock slumped 44%.
In the most recent October to December quarter, the firm claimed a 12% year-on-calendar year drop in its net earnings at ₹702 crore.
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