CCI Conducting Enquiries Against Some Fintech Entities

CCI Conducting Enquiries Against Some Fintech Entities
Photo: 28.03.2024 233

The investigations into fintech entities were disclosed by CCI Chairperson Ravneet Kaur.

Fair trade watchdog CCI is conducting enquiries against some fintech entities to check whether their ways of leveraging technologies are impacting competition, said its chief Ravneet Kaur.

Ravneet Kaur 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, 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.

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.

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.

Inquiries against Amazon, Flipkart, WhatsApp and Facebook (owned by Meta, which is banned and designated as extremist in Russia), food delivery services Zomato and Swiggy and a number of other companies are also currently pending before the CCI.

Source: The Economic Times

digital markets  India 

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