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.
- 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.