New Delhi, Aug. 19 -- Legal expert Nikhil Menon, in a special interview with ANI, stressed the urgent need for regulatory clarity on opinion trading and prediction markets in India, calling them a powerful yet under-recognised financial innovation.

"Unfortunately, under the current Indian legal framework, there is no clear definition of opinion trading or prediction markets. At present, it is loosely equated with a 'game of skill.' But in reality, these markets are much broader, especially if we look at how they function globally. In the US, for example, prediction markets fall under the oversight of the Commodity Futures Trading Commission (CFTC), which is comparable to SEBI in India," Menon explained.

He stated that the lack of regula...