(MENAFN- Live Mint) India's antitrust watchdog has hit the reset button. In its most sweeping overhaul in over a decade, the Competition Commission of India (CCI) has introduced new regulations designed to cut red tape and provide businesses with much-needed clarity.
The CCI has introduced the CCI (General) Regulations, 2024, a comprehensive set of rules that replace its decade-and-a-half-old framework. Effective from Tuesday, these regulations aim to streamline the commission's functioning, the regulator said.
According to a person familiar with the regulatory changes, the new framework draws from the CCI's extensive experience handling cases since 2009 and incorporates legal updates introduced last year. The revised procedures are expected to enhance the ease of doing business in India, the person added.
The new regulations provide businesses with greater flexibility in filing documents, clearer guidelines on the types of applications to be submitted, and establish a six-month deadline for issuing final orders in cases where interim orders have already been issued.
In a separate statement, the CCI announced that businesses seeking extensions or adjournments are now exempt from submitting signatures or affidavits in support. This relaxation is a departure from the draft regulations released in June, which had required signed submissions and affidavits. The revision was made in response to stakeholder feedback, the regulator noted.
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Initially, the CCI had proposed removing its self-imposed 90-day deadline for final orders following interim orders. However, based on stakeholder concerns, the regulator has retained a time limit, extending it to 180 days where feasible.
This overhaul follows the government's move to strengthen the CCI's regulatory and penal powers through amendments to the competition law last year. Global transactions involving Indian targets with substantial operations now fall under CCI's purview, and the regulator has enhanced authority to impose penalties.
According to legal experts, the new regulations consolidate various amendments issued over the years, codifying practices and learnings from the CCI's decade of experience.
“One of the positive changes includes the ability of the Commission on its own accord to strike out the name of an unnecessary party from the proceedings on grounds that no relief has been claimed by or against that party. This power was exercisable only upon application made by such party and not suo motu by the CCI,” said Anisha Chand, partner at law firm Khaitan & Co.
The updated regulations align with recent amendments to the Competition Act, as well as newly issued rules on turnover determination and monetary penalties, Chand added.
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Additionally, the regulations clarify how businesses can authorize legal representation. Companies may engage multiple legal counsels or law firms, but only one authorization letter will be valid at a time. The letter must be signed collectively by all representatives, and submitting a new letter will revoke the previous authorization.
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