E-commerce cos seek deadline extension on FDI norms

New Delhi: Amazon and Walmart-owned Flipkart have sought an extension of the February 1 deadline for complying with the revised FDI norms in e-commerce, stating that they need more time to understand the details of the framework. These norms – which are effective February 1 – are likely to hit Amazon and Flipkart, the hardest. These two e-commerce platforms are also the largest in the country. In December, the government announced new regulations that would bar online marketplaces with foreign investments from selling products of the companies where they hold stakes, and ban exclusive marketing arrangements.