As we enter the New Year, the Competition Commission of India, on December 22, 2023, published the draft Competition Commission of India (Determination of Turnover or Income) Regulations, 2023, invit...
The Indian competition law regime witnessed important developments in recent times as the Government of India notified relevant key provisions of the Competition (Amendment) Act, 2023, in relation to the penalty regime. As such, the developments began with the Ministry of Corporate Affairs notifying Section 33 of the Competition (Amendment) Act, 2023, on February 19, 2024, and paving the way for the notification of the Competition Commission of India (Lesser Penalty) Regulations, 2024, by the Competition Commission of India on February 20, 2024. Subsequently, the MCA, on March 05, 2024, appointed March 06, 2024 to be the enforcement day of Sections 20, 35, and 40 of the Amendment Act and accordingly the CCI, on March 06, 2024, notified the: (i) Competition Commission of India (Commitment) Regulations, 2024; (ii) Competition Commission of India (Settlement) Regulations, 2024; and (iii) Competition Commission of India (Determination of Turnover or Income) Regulations, 2024. Further, in a surprise move, the Competition Commission of India also released the long-awaited Competition Commission of India (Determination of Monetary Penalty) Guidelines, 2024.
The issuance and enforcement of these regulations and guidelines are laudatory development. This is a significant step towards ensuring a robust and comprehensive competition law regime, providing the Competition Commission of India with more flexibility, in line with the changing economic and business reality. INDUSLAW's Unnati Agrawal, Nikita Agarwal, Swapnil S, and Hrishav Kumar, analyse these regulations and guidelines.
