CCI conducting enquiries against some fintech entities: Chairperson

NEW DELHI: 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.

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.’’

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 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 to a query on the impact on the market following the CCI’s major rulings against Google.