The Competition Commission of India on Friday ruled that the Board of Control for Cricket in India (BCCI) indulged in unfair and anti-competitive practices.

The fair play regulator also slapped a penalty of Rs. 52.24 crore on the BCCI. The CCI in its order observed that, "the abuse by BCCI was of a grave nature and the quantum of penalty that needs to be levied should be commensurate with the gravity of the violation."

The regulator also noted that the BCCI made significant financial gains from the Indian Premier League (IPL).

A senior official at BCCI, however, denied charges of indulging in any form of anti-competitive practice.

"We do not accept the conclusions of the CCI and we would challenge the order," the official, who did not wish to be identified, told the Hindustan Times.

Earlier, a complaint was filed against the cricketing board in November 2010 with issues relating to the IPL and alleged that there were gross irregularities in the manner the franchise rights for team ownership, media rights for coverage and sponsorship rights hade been awarded.

"Virtually, there is no other competitor in the market nor was anyone allowed to emerge due to BCCI's strategy of monopolising the entire market," the order said.