New Delhi, Feb 6 (IANS): The Delhi High Court on Monday was informed by the Centre that the draft for online gaming regulation has been circulated and it is in the process of finalising the same with two rounds already over.

The Central government's counsel said: "Draft regulation has been circulated and consultations with the stakeholders have started.

"Two rounds have already happened. We are in the process of finalising the same."

A division bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad, hearing petitions by advocate Atul Batra and Avinash Mehrotra, said that the court would hear the matter post eight weeks.

In Batra's plea, it was stated that in the name of "games of skill", "games of chance" are being promoted and that equates to online gambling, which is as bad as any substance abuse.

It was stated that keeping a tab on online gambling is must and if it is not done, it might be harmful for the youth as they can fall prey to such games damaging their life personally and professionally.

Howevet, Batra, who said that it (his plea) does not require any further order, was granted liberty to approach the court again in case of any grievance while the latter closed the proceedings on the same.

In the petition by Mehrotra, which seeks recovery of taxes due from online players and site operators, it is claimed that with online gambling system not being regulated in India, it is also a great place for carrying out hawala operations and laundering money.

The plea seeks court's direction to the Centre to prosecute the unscrupulous owners/proprietors, and the promoters of the online gambling websites in accordance with law.