{"id":176,"date":"2023-08-08T13:12:56","date_gmt":"2023-08-08T13:12:56","guid":{"rendered":"https:\/\/fintech.exrtechsolutions.com\/?p=176"},"modified":"2023-08-10T09:06:24","modified_gmt":"2023-08-10T09:06:24","slug":"digital-markets-why-is-there-a-new-law-against-big-tech","status":"publish","type":"post","link":"https:\/\/fintech.exrtechsolutions.com\/index.php\/2023\/08\/08\/digital-markets-why-is-there-a-new-law-against-big-tech\/","title":{"rendered":"Digital Markets. Why Is There A New Law Against Big Tech?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"176\" class=\"elementor elementor-176\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-798cb4d5 elementor-section-boxed elementor-section-height-default elementor-section-height-default wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no\" data-id=\"798cb4d5\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-2ec0aec\" data-id=\"2ec0aec\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-66a27a5e elementor-widget elementor-widget-heading\" data-id=\"66a27a5e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 02-08-2023 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\">FIN TECH <\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-11d8429d elementor-widget elementor-widget-text-editor\" data-id=\"11d8429d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 02-08-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>UPDATES<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-16ddbded\" data-id=\"16ddbded\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-4ccf49db\" data-id=\"4ccf49db\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6e56b50c elementor-section-boxed elementor-section-height-default elementor-section-height-default wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no\" data-id=\"6e56b50c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-480c662e\" data-id=\"480c662e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-66553007 elementor-widget elementor-widget-heading\" data-id=\"66553007\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Digital Markets. Why is there a new law against Big Tech?<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4438e9e2 elementor-section-boxed elementor-section-height-default elementor-section-height-default wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no\" data-id=\"4438e9e2\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-26eacc75\" data-id=\"26eacc75\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-583ea8fc elementor-widget elementor-widget-text-editor\" data-id=\"583ea8fc\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">The Parliamentary Standing Committee on Finance (PSCF) presented its report, \u2018Anti-competitive practices by BigTech\u2019, on December 22, recommending a set of measures to control \u2018BigTech\u2019.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-46b1e193\" data-id=\"46b1e193\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-39eb7057 elementor-widget elementor-widget-image\" data-id=\"39eb7057\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 02-08-2023 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"800\" height=\"450\" src=\"https:\/\/fintech.exrtechsolutions.com\/wp-content\/uploads\/2023\/08\/Fintech-stocks-did-worse-than-fin-or-tech-in-2022-1-1024x576.png\" class=\"attachment-large size-large wp-image-178\" alt=\"Digital Markets. Why Is There A New Law Against Big Tech?\" loading=\"lazy\" srcset=\"https:\/\/fintech.exrtechsolutions.com\/wp-content\/uploads\/2023\/08\/Fintech-stocks-did-worse-than-fin-or-tech-in-2022-1-1024x576.png 1024w, https:\/\/fintech.exrtechsolutions.com\/wp-content\/uploads\/2023\/08\/Fintech-stocks-did-worse-than-fin-or-tech-in-2022-1-300x169.png 300w, https:\/\/fintech.exrtechsolutions.com\/wp-content\/uploads\/2023\/08\/Fintech-stocks-did-worse-than-fin-or-tech-in-2022-1-768x432.png 768w, https:\/\/fintech.exrtechsolutions.com\/wp-content\/uploads\/2023\/08\/Fintech-stocks-did-worse-than-fin-or-tech-in-2022-1-1536x864.png 1536w, https:\/\/fintech.exrtechsolutions.com\/wp-content\/uploads\/2023\/08\/Fintech-stocks-did-worse-than-fin-or-tech-in-2022-1.png 1920w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3b6e2e4b elementor-section-boxed elementor-section-height-default elementor-section-height-default wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no\" data-id=\"3b6e2e4b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-56532698\" data-id=\"56532698\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4372ba81 elementor-widget elementor-widget-text-editor\" data-id=\"4372ba81\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">The committee\u2019s report has rightly suggested that the government should draw up norms to regulate the digital economy.<\/span><\/p><p>\u00a0<\/p><p><span style=\"font-weight: 400;\">This report (53rd Report of PSCF) was prepared in such a short period of time after discussions with stakeholders, and it followed its earlier recommendation on the Competition Amendment Bill, 2022 (52nd Report), which is also now before Parliament. It identifies several digital economy concerns such as mergers and acquisitions, deep discounting, data usage, bundling and tying, search and ranking, exclusive tie-ups, and so on.<\/span><\/p><p><span style=\"font-weight: 400;\">It also implies that antitrust provisions are inadequate and proposes a new law in India, which seems unnecessary considering the need for evidence of concrete harm to consumers before taking action.<\/span><\/p><p>\u00a0<\/p><p><span style=\"font-weight: 400;\">The Government of India has indicated that it is open to the idea of a new law to address concerns related to competition by Big Tech companies and the Parliamentary Standing Committee on Finance (PSCF) has responded with a slew of recommendations. In its report on Anti-competitive practices by BigTech, tabled in the Lok Sabha on December 22, 2019, the Parliamentary Standing Committee on Finance (PSCF), which is examining the Competition Amendment Bill, 2022 (Bill), observed that digital markets have transformed from information processing into knowledge generation and action as users are becoming creators and consumers-citizens engaging in commerce and governance.<\/span><\/p><p><span style=\"font-weight: 400;\">Among its many recommendations, the committee suggested enacting a &#8220;Digital Competition Act&#8221; and establishing a Digital Market Unit (DMU) within the Competition Commission of India (CCI) staffed by skilled experts to ensure a fair, transparent, and contestable digital ecosystem. Another important recommendation is that leading technology companies be designated as &#8216;Systemically Important Digital Intermediaries&#8217; (SIDIs).<\/span><\/p><p><span style=\"font-weight: 400;\">These digital market gatekeepers will be chosen based on sales, capitalization, end-users, and the number of businesses. They will be subject to a variety of disciplinary measures and will be required to notify the CCI of any potential concentrations in any of the proposed mergers. It also warned against the possible misuse of end-user personal data, self-preferencing, search biases, or a pre-installation requirement of its own apps (maintaining platform neutrality), offering fair and non-discriminatory terms to ensure organic search results, and offering transparency on advertising revenues, among other things.<\/span><\/p><p><span style=\"font-weight: 400;\">While many of the recommendations, such<\/span> <span style=\"font-weight: 400;\">as the establishment of a DMU in CCI, appear reasonable in order to conduct a more skilled analysis of digital cases, it can be seen that existing competition law provisions are adequate in many cases, as demonstrated by several cases. In addition, a few issues, such as the distribution of advertising revenues, are pending before the CCI and will be resolved in accordance with the law.<\/span><\/p><p>\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2bcb6dd2 elementor-section-boxed elementor-section-height-default elementor-section-height-default wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no\" data-id=\"2bcb6dd2\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-38019dd8\" data-id=\"38019dd8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>FIN TECH UPDATES Digital Markets. Why is there a new law against Big Tech? The Parliamentary Standing Committee on Finance (PSCF) presented its report, \u2018Anti-competitive practices by BigTech\u2019, on December 22, recommending a set of measures to control \u2018BigTech\u2019. The committee\u2019s report has rightly suggested that the government should draw up norms to regulate the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":178,"comment_status":"open","ping_status":"open","sticky":false,"template":"elementor_canvas","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/fintech.exrtechsolutions.com\/index.php\/wp-json\/wp\/v2\/posts\/176"}],"collection":[{"href":"https:\/\/fintech.exrtechsolutions.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fintech.exrtechsolutions.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fintech.exrtechsolutions.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/fintech.exrtechsolutions.com\/index.php\/wp-json\/wp\/v2\/comments?post=176"}],"version-history":[{"count":8,"href":"https:\/\/fintech.exrtechsolutions.com\/index.php\/wp-json\/wp\/v2\/posts\/176\/revisions"}],"predecessor-version":[{"id":485,"href":"https:\/\/fintech.exrtechsolutions.com\/index.php\/wp-json\/wp\/v2\/posts\/176\/revisions\/485"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fintech.exrtechsolutions.com\/index.php\/wp-json\/wp\/v2\/media\/178"}],"wp:attachment":[{"href":"https:\/\/fintech.exrtechsolutions.com\/index.php\/wp-json\/wp\/v2\/media?parent=176"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fintech.exrtechsolutions.com\/index.php\/wp-json\/wp\/v2\/categories?post=176"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fintech.exrtechsolutions.com\/index.php\/wp-json\/wp\/v2\/tags?post=176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}