Abstract
This article examines the regulatory challenges posed by Fantasy Player Stock Trading (FPST) platforms in India, which uniquely blend gaming and financial market mechanics. Unlike traditional fantasy sports, FPST platforms utilize sophisticated trading features, including algorithmic pricing, leveraged positions, and market-driven price discovery. This analysis demonstrates that current gaming regulations and self-regulatory mechanisms are inadequate to address the inherent complexities of FPSTs, which operate like unregulated securities markets. Although FPST tokens do not neatly fit the legal definition of “securities,” their functional equivalence with financial markets, coupled with their addictive design and systemic vulnerabilities, necessitates a bespoke regulatory framework and oversight. This article underlines the necessity of immediate regulatory attention to protect gamers, advocating for a new regulatory approach beyond existing gambling or gaming parameters.
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