CCI Probes Fintech Firms To Ensure Fair Digital Competition

ENA Sectors 2024-03-28 17:18:33 New Delhi, Mar 28 (KNN) India's fair trade watchdog, the Competition Commission of India (CCI), is conducting inquiries into some fintech entities to examine whether their usage of technologies is impacting market competition, according to CCI Chairperson Ravneet Kaur. In an interview with ET, Kaur stated that the CCI is focused on big tech companies as well as sectors like fintech and online intermediaries. She highlighted the regulator's efforts to curb unfair business practices through amended regulations, key rulings in the digital market space, and advocacy initiatives. 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, Kaur said. The CCI chief emphasised striking the right balance between regulation and freedom to ensure fair competition for all stakeholders. She noted that companies are increasingly aware of adhering to competition laws for a transparent digital marketplace. While legal challenges are part of the landscape, the focus remains on creating an environment where competition thrives. It is a continuous process, and we are committed to monitoring and taking necessary action, Kaur added. The Digital Market Data Unit has also commenced operations at the CCI to strengthen its oversight capabilities. Kaur cited major rulings against Google over Android policies and Play Store pricing as examples of the CCI's impact. She said companies realise they cannot indulge in anti-competitive practices anymore. (KNN Bureau) 37199 https://knnindia.co.in/news/newsdetails/sectors/cci-probes-fintech-firms-to-ensure-fair-digital-competition 2024-03-28 17:18:33 knnindia.co.in CCI Probes Fintech Firms To Ensure Fair Digital Competition