Competition Commission rejects complaint against Crisil

NEW DELHI: Finding "no material" evidence, Competition Commission has rejected allegations of unfair business practices made against credit rating agency Crisil.

The complaint was filed by Brickwork Ratings India Pvt Ltd against Crisil and its largest shareholder, S&P India.

"... no material has been placed before the Commission wherefrom even a prima facie contravention can be established against the opposite parties," the fair trade regulator said.

Hence no case of violating competition norms can be made, the Competition Commission of India (CCI) said in its order dated March 18.

Crisil is a S&P company. For this case, provision of credit rating services in India has been considered as the relevant market.

CCI said the allegations made appear to be of general and generic nature without having been supported by any data or costs involved to establish predatory pricing, among others.

It was alleged that the two entities indulged in "unfair/ predatory pricing, exclusionary conduct in public procurement, exploitative behaviour in stopping switching by the customers" with respect to credit rating services market.