CCI notifies regulations in line with amendments to Competition Act in 2023 - Finance Ppl

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The Competition Commission of India notified three distinct regulations and penalty guidelines on 06.03.2024 (Press Release No. 71/2023-24)

Those are:
  1. CCI (Settlement) Regulations, 2024
  2. CCI (Commitment) Regulations, 2024
  3. CCI (Determination of Turnover or Income) Regulations, 2024
  4. CCI (Determination of Monetary Penalty) Guidelines, 2024
Above said three regulations and guidelines were issued in pursuant to amendment of Competition Act in the year 2023 and subsequent notification of sections 20, 35 & 40 of the Competition (Amendment) Act, 2023 with effect from 06.03.2024.

Objective of these regulations

I. Settlement Regulations and Commitment Regulations are intended:
    ® to enable an enterprise
    ® against whom an inquiry under section 26(1) of the Act is initiated for alleged contravention of Sec. 3(4) or section 4 of the Act
    ® to apply for settlement or commitment before the CCI.

The intent behind introducing a regulated procedure for Settlement and Commitment is to reduce litigation and ensure quicker market correction.
     The Stage of inquiry process at which the company can file an application, for Settlement or Commitment with the commission, may differ in between these two regulations.

II. Turnover or Income Regulations are :set of regulations for determination of turnover or income of the enterprise for the purposes of section 27 of the Act and determination of income for individual for the purposes of sections 27 and 48 of the Act.

III. Monetary Penalty Guidelines :
Another part of this press release is about notification of Monetary Penalty Guidelines by CCI.
  • These guidelines are issued w.r.t determination of monetary penalty that will be levied on enterprise(s) and/or persons, involved in any contravention of the provisions of the Act and 
  • Penalty imposed is proportional to anti-competitive harm caused, to the market, by contravening entities/ persons.