CCI fines Amazon for Rs. 200 crore

CCI fines Amazon for Rs. 200 crore

Part of: Prelims and GS-II – Polity 

Context The Competition Commission of India (CCI) froze its approval given in November 2019 to Amazon’s investment in a Future Group unit on the grounds that the Amazon had suppressed the scope and full details of its investment while seeking regulatory approval.

About Competition Commission of India (CCI) 

• It is a statutory body established in 2003 and became fully functional in 2009. 
• It is responsible for enforcing The Competition Act, 2002 throughout India.
  • The Act prohibits anti-competitive agreements, abuse of dominant position by enterprises. 
  • The Act regulates combinations (acquisition, acquiring of control and Merger and acquisition), which causes or likely to cause an appreciable adverse effect on competition within India. 
• Composition: A Chairperson and 6 Members appointed by the Central Government. 
• Eligibility: Person should be qualified to be a judge of a High Court, or, has special knowledge of, and professional experience of not less than fifteen years in international trade, economics, commerce, law, finance. 
• Duties:
  • eliminate practises having adverse effect on competition
  • promote and sustain competition.
  • protect the interests of consumers.
  • ensure freedom of trade in the markets of India.