Overview

• The Promotion and Regulation of Online Gaming Bill, 2025 cleared the lower house and now proceeds to the Rajya Sabha.
• The draft bars pay‑to‑play titles regardless of skill classification, blocks bank and fintech transfers for such games, bans advertising, empowers MeitY to act against illegal platforms, and formally recognises eSports.
• Nazara Technologies fell about 22% across two sessions, and industry groups warned the ban could wipe out firms and push players to offshore operators.
• ICICI Securities downgraded Nazara to Reduce, cut its target to Rs 1,100, and marked its Moonshine/PokerBaazi exposure to zero in valuation.
• Nazara said it has no direct RMG revenue but holds roughly 46% of PokerBaazi’s parent, and CEO Nitish Mittersain signalled a potential write‑down as the team evaluates pivots.