Understanding eAuction in India: The New Age of Transparent Bidding
In the past, auctions in India, especially for government assets, bank properties, and insolvency cases, were riddled with problems. Manual processes, physical presence requirements, limited access, favouritism, cartelization and lack of transparency made it difficult for honest bidders to participate. Often, valuable assets were sold at much lower prices because only a few bidders could make it to the venue, and the process wasn’t always as fair as it should have been.
Both sellers and buyers were losing out. The sellers were not getting the best price for their goods due to a lack of optimal price discovery. Buyers were losing out as they were kept in the dark. They were not getting the opportunity to bid on all opportunities.
To address these issues, eAuction came into the picture.