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New Delhi: Fair trade regulator Competition Commission of India (CCI) has sought stakeholder comments on the proposed amendments to the CCI (General) Regulations, 2009, following recent changes to the Competition Act.
The amendments came from the Competition (Amendment) Act, 2023, which introduced new provisions and updating the existing ones in the Competition Act, 2002. The CCI has proposed updates to align the general regulations with the latest framework.
As part of the proposed changes, the competition watchdog has detailed a process for implementing and monitoring its orders under various sections of the Act.
This includes the appointment of independent agencies to oversee the implementation of the orders.
These agencies, which could include, accounting firms, management consultancies, or professional organisations, will ensure compliance and reporting to any non-implementation to the CCI.
Further, it will also maintain the confidentiality and avoid conflicts of interest.
Additionally, CCI also holds the authority to suspend or terminate the engagement of these agencies as necessary. Such decisions, including revocations, will be recorded in writing and are not subject to judicial review.
Further, payment to the agencies will be made by individuals or entities involved in proceedings, who have filed applications under the CCI (Settlement) Regulations, 2024, or the Competition Commission of India (Commitment) Regulations, 2024.
The payments are to be deposited with the regulator or as directed, contingent on the satisfactory performance of the agencies' responsibilities.
In addition, one major change under the new draft is the procedure for imposing penalties. The amendments stipulate that no penalty order or direction under the norms will be made unless the affected party has received a show cause notice or has been given a reasonable opportunity to present their case.
The competition watchdog has invited stakeholders to submit comments on the draft amendments by July 8.
In April 2023, 'the Competition (Amendment) Act, 2023 was passed by the government incorporating certain new provisions in the Act and amending certain previously existing ones.
'This created a need for amendment/ repeal/ overhauling of the various regulations framed by the CCI as well as for introduction of certain new ones,' CCI said in a consultation note.
The draft amendments are designed to incorporate changes from the Competition Amendment Act of 2023.
CCI has emphasised these changes will strengthen the regulatory framework and effective enforcement of the competition norms in India.