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India: CCI rejects plea against Shriram Chits

By  |  October 7, 2012

The Competition Commission has rejected a plea against chit fund (a signed voucher of a small debt) firm Shriram Chits, for allegedly abusing its dominant market position, claiming that the matter did not fall under the CCI’s jurisdiction. The CCI order, released on October 5th, follows a complaint filed by a chartered accountant investor Sreeram Murthy, that Shriram Chits was “abusing its dominance by misleading the consumers through various anti-competitive practices”. However, the CCI has confirmed that there are no competition concerns raised by the informant.

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