The story so far: Striving to further consolidate regulations pertaining to mergers, particularly those relating to the digital ecosystem, the Competition Commission of India (CCI) on September 5 floated a consultation paper proposing the CCI (Combinations) Regulations, 2023. The proposed code would replace the existing regulations, initially formulated in 2011. It would also follow up on the amendments introduced to the Competition Act by the Parliament earlier this year. Comments to the proposed regulations are invited until September 25.
What is the endeavour behind the exercise?
In April this year, the Competition (Amendment) Act, 2023 was enforced following its passage by both Houses of the Parliament. As enumerated when it was first introduced in August 2022, it had taken cognisance of “significant growth of Indian markets and a paradigm shift in the way businesses operate in the last decade.” Thus, the act, also relying on the “experience gained out of functioning of the Commission,” sought to introduce more regulatory certainty and an overall trust-based environment.
