CCI conducting enquiries
against some fintech entities
Fair trade watchdog CCI is conducting enquiries against some
fintech entities to check whether their ways of leveraging technologies are
impacting competition, its chief Ravneet Kaur said and asserted that the
regulator is taking necessary action to ensure a competitive digital market.
With a slew of amended regulations, key rulings against
anti-competitive practices in the digital market and advocacy efforts, the CCI
is strengthening its efforts to curb unfair business ways.
In an interview to PTI, Competition Commission of India (CCI)
Chairperson Ravneet Kaur said there is an increased sensitisation among
entities about the competition law and stressed the focus is on "striking
the right balance between regulation and freedom".
According to her, the regulator is focused on big tech companies
as well as various other sectors, including fintech and online intermediary
service providers.
"The CCI is conducting enquiries into some entities in the
fintech sector. We are looking into how technology is being leveraged by
fintech players and whether they are impacting competition (in the market). The
enquiries are going on," Kaur said.
Without divulging specific details, she also said the regulator is
looking into some cases in the film industry, especially those related to film
distributors.
By addressing potential market distortions and promoting healthy
competition, Kaur said that the CCI anticipates a positive impact on the
economy, leading to enhanced consumer choice, innovation, and overall economic
growth.
"It is about striking the right balance between regulation
and freedom, ensuring that the market remains contestable and operates fairly
for all stakeholders," she noted.
Emphasising that the watchdog is expediting cases related to the
digital market, Kaur said that companies are increasingly aware of the
importance of adhering to competition laws, which will ensure a more
transparent and fairer digital marketplace.
"While legal challenges are part of the regulatory landscape,
the focus remains on creating an environment where competition thrives. It is a
continuous process, and we are committed to monitoring, assessing, and taking
necessary action to ensure a competitive digital market," she added.
The Digital Market Data Unit (DMDU) has also started functioning
at the CCI.
"There has been a lot of change and companies are realising
that they cannot get away by indulging in anti-competitive practices. We are
not only looking at enforcement actions but also advocacy efforts, and overall,
there has been a positive impact," Kaur said in response to a query about
the impact on the market following the CCI's major rulings against Google.
The CCI, which has the mandate to ensure fair competition in the
marketplace, has passed various rulings against Google, including those related
to Android system and Play Store pricing policy.
On March 15, the watchdog ordered a detailed probe against Google
for alleged discriminatory practices with respect to its Play Store pricing
policy after finding a prima facie violation of the competition law.
In August 2023, the corporate affairs ministry informed the Rajya
Sabha that inquiries against various companies, including Amazon and Flipkart
were pending before the CCI.
The Digital Market Data Unit (DMDU) has also started functioning
at the CCI.
"There has been a lot of change and companies are realising
that they cannot get away by indulging in anti-competitive practices. We are
not only looking at enforcement actions but also advocacy efforts, and overall,
there has been a positive impact," Kaur said in response to a query about
the impact on the market following the CCI's major rulings against Google.
The CCI, which has the mandate to ensure fair competition in the
marketplace, has passed various rulings against Google, including those related
to Android system and Play Store pricing policy.
On March 15, the watchdog ordered a detailed probe against Google
for alleged discriminatory practices with respect to its Play Store pricing
policy after finding a prima facie violation of the competition law.
In August 2023, the corporate affairs ministry informed the Rajya
Sabha that inquiries against various companies, including Amazon and Flipkart
were pending before the CCI.
"Inquiry
against Amazon & Flipkart, BookMyShow, Zomato & Swiggy, WhatsApp &
Facebook (Meta), Apple and Google (in matters other than those where orders
under Section 27 of the Act have already been passed) is currently pending
before the CCI," Minister of State for Corporate Affairs Rao Inderjit
Singh had said in a written reply to the Upper House.
www.business-standard.com
dt. 28.03.2024