Abstract: One major aspect that attracts Indian online retail customer is buying products at ease & convenience at competitive prices. The India e-commerce growth story has so far been remarkable. The starts ups are being immensely funded by angel investor and venture capitalists and the valuation game is keeping them lucrative. Although the growth of many e-commerce in the past five to six years have been impressive, sale of counterfeit products and the online counterfeit market is a chronic problem for many industries, brands and also to the government. In this paper the authors have analyzed the factors that influence online counterfeit market to flourish, the present policies, framework and strategies available to deal with this threat. This paper also attempts to understand using a survey, if youngsters in the age group of 20 to 30 years, who shop online are aware of the online counterfeit market and the existing solution to deal with it. An attempt has been made to propose strategies to deal with the online counterfeit market. The authors have given a terminology for online counterfeit market and also have created a Governance Risk Compliance model at al level to deal with online counterfeiting.