Competition Commission is investigating some fintech companies, chairperson said - the film industry is under watch

The Competition Commission of India (CCI) is investigating against some fintech companies. It is also taking necessary steps to ensure a competitive digital market. CCI chief Ravneet Kaur said, in the investigation, we are looking at how fintech companies are taking advantage of technology and whether are they affecting competition in the market? The regulator is also looking into some matters related to the film industry, especially film distributors, he said without giving further details.

CCI Chairperson said awareness regarding competition law has increased among various entities. Our focus is on ‘striking the right balance between regulation and freedom’. The regulator's focus is on a variety of sectors including fintech and online intermediary service providers along with large technology companies. It's all about striking the right balance between regulation and freedom, he said. This ensures that the market remains competitive and works fairly for all parties involved.

According to Kaur, putting an end to practices that distort the market and encouraging healthy competition will benefit the economy. Innovation will pick up steam. Additionally, he stated that the Commission is moving quickly on issues about the digital market. This will guarantee a digital market that is more open and equitable. However, there are legal issues with the regulatory environment as well. We're still committed to fostering a competitive environment.

The CCI chief stated that there has been a lot of change in response to a question regarding the effect on the market following a significant ruling against Google. Businesses are starting to realise that engaging in anti-competitive behaviour will not get them away with it.