Online social media platforms set the agenda and structure for public and private communication in our age. Their influence and power is beyond any traditional media empire. Their legal regulation is a pressing challenge, but currently, they are mainly governed by economic pressures. There are now diverse legislative attempts to regulate platforms in various parts of the world. This paper reviews the challenges faced by fake news, free speech and disinformation disseminated through social media platforms in India, and the present government policies for effective legislation and robust regulatory mechanism to deal with the said challenges.