Days after the Securities and Exchange Board of India (SEBI) announced it will be looking into the legality of stock exchange based games, Satyug Gold Pvt. Ltd. has withdrawn its real money offering on its website, Glaws reports.
Last week, a spokesman for Raj Kundra owner of Satyug Gold, was confident that the contests need not be cleared by the regulator.
“It is a matter of fact that many other virtual stock games are being operated in India and internationally, which have been functioning outside the purview of Sebi or the respective exchanges …. As per the Sebi Act 1992, the preamble states that Sebi is to protect the interest of investors in securities and securities market.”
None the less, the homepage of Stockrace.in now clearly states that the game is free to play and has removed any references to deposit any money. The game continues to offer prizes and winners.
According to Glaws, it was understood that stockrace.in had managed to garner over 10,000 registrations in the past one month owing to the lure of real money gaming on stock exchanges.