E-commerce FDI norms: No extension to Feb 1 deadline; setback for Amazon, Flipkart

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In a major setback to Amazon and Walmart-led Flipkart, the Department of Industrial Policy and Promotion (DIPP) on Thursday rejected the request to delay the implementation of the new FDI norms for the e-commerce sector. The new norms come into effect from Friday. Earlier this month, Amazon and Walmart (the majority stakeholder in Flipkart) had sought an extension of the deadline for the new norms which prohibits the e-tailers from selling products of companies in which they have stakes.
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