Why are edtechs keen on self-regulation?

Ed-tech firms including Byju’s, Unacademy, Vedantu and others agreed to self regulate following statements from senior bureaucrats and even the education minister Dharmendra Pradhan, which said that the companies should not be allowed to grow with unethical practices or to have a monopoly. In India, Byju’s and others have been flagged repeatedly by parents for aggressive sales practices. The move follows China’s government banning for-profit tutoring services, leading to mass layoffs and stock crashes overnight. China alleged that companies are raking in profits and record growth at the expense of hapless students and parents. India’s government wants avoid this.