New Delhi, Jul 9 (IANS): As India's gaming industry experiences exponential growth, it has now become imperative to prioritise player safety and responsible gaming practices, a new report said on Tuesday.

The report released by Grant Thornton Bharat and the E-Gaming Federation (EGF) advocated for a comprehensive Code of Conduct (CoC) in the gaming industry, setting clear standards for ethical behaviour to ensure accountability and transparency.

According to industry estimates, the number of online gamers in the country has reached a whopping 442 million, surpassing China, which makes it essential to prioritise adherence to a strong CoC and adopt self-regulation to ensure the sustainable growth of this industry, the report mentioned.

"The report highlights the importance of responsible play and consumer protection in this rapidly-changing landscape. It advocates for fair play, transparency, and the safeguarding of mental well-being," said Shalabh Saxena, Partner at Grant Thornton Bharat.

"By voluntarily undergoing rigorous audits and embracing self-regulation, stakeholders demonstrate their commitment to integrity and trust within the gaming community," he added.

As per the report, the CoC addresses key risks such as cyber threats, regulatory uncertainties, and financial risks, offering best practices to mitigate these challenges and ensure the industry's sustainability and growth.

“By emphasising robust player protection mechanisms, the report highlighted proactive measures and educational initiatives, calling for collaboration among industry players, regulators, and policymakers to create a safer, more responsible gaming environment.

"We believe our self-regulatory standard in the form of a CoC will help navigate the complexities of the online gaming industry and strike a balance between innovation, consumer protection, and the nation’s interests," said Anuraag Saxena, CEO of EGF.

Moreover, the report called for the modernisation of laws to address sectoral threats such as microtransactions and loot boxes.

The way forward involves embracing modern regulatory frameworks, enhancing player protection measures, and promoting ethical standards, the report said.

By adopting these solutions, India can ensure the long-term growth and integrity of its gaming industry, positioning itself as a global leader in ethical gaming practices, it added.