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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.

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