‘Settlement And Commitment’ Framework Will Expedite Anti-Trust Enforcement Process: Kaur

CCI is committed to inclusive and transparent governance, particularly in the formulation of regulations: Chairperson, CCI

Ravneet Kaur, Chairperson, Competition Commission of India delivered the keynote address at the Annual Conference on Competition Law and Practice, hosted by CII

FinTech BizNews Service   

Mumbai, January 25, 2024: The Competition (Amendment) Act, 2023, introduces several critical reforms and this Act incorporates global best practices and addresses contemporary challenges, ensuring that markets remain fair, competitive, and innovative, said Smt. Ravneet Kaur, Chairperson, Competition Commission of India while delivering the keynote address at the Inaugural session at the Annual Conference on Competition Law and Practice jointly hosted by CII and Competition Commission of India (CCI). She stated that the Competition Law has been amended to provide regulatory certainty and a trust-based business environment.

She highlighted that the introduction of ‘settlement and commitment’ framework will reduce litigation, expedite anti-trust enforcement process, enable quicker market corrections and foster a more efficient and less adversarial legal environment. Speaking about introduction of Leniency Plus regime, she mentioned that Leniency Plus is a proactive enforcement strategy aimed at attracting leniency applications.

Chairperson, CCI mentioned that there are path breaking reforms introduced in the merger control regime through the amendments, which will go a long way in timely disposal of notified transactions facilitating ease of doing business. She informed that presently, regulations are being firmed up for operationalizing the legislative reforms introduced through the recent amendments in the competition law. She affirmed that CCI is committed to inclusive and transparent governance, particularly in the formulation of regulations. She also spoke about competition challenges posed on account of the rapid digitalization of economy. A one-size-fits-all approach does not work and regulatory interventions in technological markets require nuanced assessments, which are grounded in facts and supported by the market and technology in question, she observed.

In her address at the inaugural session, Ms Zia Mody, Chairperson, CII National Committee on Regulatory Affairs & Founder and Senior Partner, AZB & Partners emphasized the growing significance of competition law compliance in India. Ms. Mody praised the CCI's proactive role. She highlighted the CCI's transparency in the consultation process for the Competition (Amendment) Act, 2023 and its regulations, involving stakeholders through open online feedback. Ms. Mody commended the CCI's focus on advocacy efforts, citing numerous programs, workshops, conferences, and market studies conducted. Reflecting on 2023 as a transformative year for the CCI, Ms. Mody discussed the new Commission composition, including the first full-time woman Chairperson. Addressing the conference agenda, she promised meaningful discussions on competition law issues. Ms. Mody elucidated key changes introduced by the Amendment Act, such as the Deal Value Threshold, post-facto filing for on-market purchases, and commitment/settlement mechanisms. She urged strategic planning for the commitments/ settlements processes due to short timelines. Ms. Mody also touched upon jurisprudential developments and invited active participation in sessions to enhance collective understanding of the regulatory landscape.

Mr John Khiangte, Executive Director, Global Public Policy, Disney Star India stated that India has set an ambitious target of achieving a 30 trillion USD economy by 2047. Meeting this goal requires robust economic reforms that reinforce free-market principles and eliminate counterproductive policy interventions. Upholding these principles is integral to our competition law and policy, as competition fosters economic growth and development by efficiently allocating resources through market dynamics. Aligning with these principles is crucial for realizing India's aspiration.

While delivering his welcome remarks, Dr K Nandakumar, Chairman, CII Maharashtra State Council & Chairman & Managing Director, Chemtrols Industries Pvt. Ltd. gave an outline of the various recent developments that took place in competition law space in India including passing of the Competition (Amendment) Act, 2023 and its key features. He also highlighted the constructive role being played by CCI in regulating markets in India is in sync with the growth of the Indian economy and its socio-economic policies.

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