Key Points
Applications yet to be received, but tweak in rules has been welcomed by industry and legal fraternity ..
Business entities are yet to approach the competition regulator under the newly notified settlement and commitments regulations that are part of the Competition (Amendment) Act, 2023...
However, it is expected that the regulation would be widely used by companies that come under the scanner of the CCI for any abuse of dominant position or anti-competitive practices..
The CCI had in March this year notified the commitment and settlement regulations after extensive consultations with stakeholders that is expected to help reduce litigation, especially for tech firms that have been under the scanner of the CCI...
The regulations allow for a time bound process under which entities that are being investigated by the CCI can offer to settle and commit with the regulator without a formal report being finalised...
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What the CCI’s draft regulations on commitment and settlement agreements mean
30, Aug, 23These regulations could help reduce litigation, help Big Tech firms that took similar recourse in other jurisdictions