Jurisdiction - India
India – CCI Rejects Complaint Against CRISIL.

27 May, 2015


On March 18, 2015, CCI rejected a complaint against CRISIL Ltd. (‘CRISIL’), wherein it was alleged that CRISIL was abusing its dominant position in the market for “providing the services of credit ratings and other allied services in India”, by indulging in, inter alia, predatory pricing,exclusivity obligations, long-term contracts, tying/ bundling of services, unfair contract terms, and offering loyalty discounts.

It was noted by CCI that CRISIL was the largest and oldest credit rating agency in India, with a market share of above 60% in the relevant market in India. Further, relying on its previous decision in the case of M/s SRMB Srijan Limited v. CRISIL Limited, 1 CCI held that CRISIL was in a dominant position in the relevant market for provision of credit rating services in India.

Proceeding to analyze the allegations raised by the informant, CCI noted that the informant had not placed sufficient evidence on record either in the original information, or the additional information filed subsequently. CCI observed that the charges of predatory pricing and exclusionary behavior were mere averments which were not supported by any evidence, and that the allegation was misconstrued as most of CRISIL’s quotations which were questioned by the informant, were typical of competitive bids.

As regards the informant’s allegation that CRISIL had been indulging in exclusionary conduct by influencing public service undertakings to favorably modify the terms and conditions of tenders, CCI observed that the information failed to bring out any competition issues that deserved scrutiny.

Accordingly, CCI closed the matter at the prima facie stage under Section 26(2) of the Competition Act.

End Notes:

1 Case No. 64 of 2013



For further information, please contact:


Zia Mody, AZB & Partners
[email protected]


Abhijit Joshi, AZB & Partners 
[email protected]

Shuva Mandal, AZB & Partners 
[email protected]


Samir Gandhi, AZB & Partners
[email protected]

Percy Billimoria, AZB & Partners 
[email protected]


Aditya Bhat, AZB & Partners 
[email protected]

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