Indian industry body Alliance of Digital India Foundation called for an “urgent need” to bring in regulations to Apple Inc. AAPL AppStore and Alphabet Inc. GOOGL GOOG Play Store to ensure “fair competition”.

What happened: In its report, the organization stated Google-belonging android currently dominates the Indian market with a market share of 95.1%, while Apple holds a 3.93% share. He pointed out that the companies hold a consolidated market share of 99.28% in the global market.

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In a report, Sijo Kuruvilla George, Executive Director of ADIF, said: “The dominant position enjoyed by gatekeepers of the application ecosystem can severely harm competition and innovation in the marketplace…while also negatively affecting the ‘ecosystem in many ways’.

Apple and Google charge a 15% or 30% commission on the purchase of paid apps and in-app purchases in India; the industry body said “it is difficult to determine fair commission rates”.

why is it important: This decision comes at a time when India’s regulator, the Indian Competition Commission (ICC)is already investigating both Apple and Google over their app store policies.

The Indian Watchdog had discovered earlier from google Billing system for disputed Play Store developer payments as “unfair and discriminatory”.

price action: According to data from Benzinga Pro, Apple shares closed at $140.82, losing 5.64% in Wednesday’s trade, and Alphabet Inc’s Class A shares were down about 4%.

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