Nithyakalyani Narayanan. V
The three regulations, titled the Competition Commission of India (Settlement) Regulations, 2024; Competition Commission of India (Commitment) Regulations, 2024; Competition Commission of India (Determination Of Turnover Or Income) Regulations, 2024; and Competition Commission of India (Determination Of Monetary Penalty) Guidelines, 2024, were issued on March 06, 2024, by the Competition Commission of India (CCI). Sections 20, 35, and 40 of the Competition (Amendment) Act, 2023 were subsequently notified, and as of March 06, 2024, these rules and guidelines were issued as per the Act.
The purpose of the Settlement Regulations and Commitment Regulations is to allow an enterprise to apply for settlement or commitment before the CCI in the event that an inquiry is launched under Section 26(1) of the Act for an alleged violation of Section 3(4) or section 4 of the Act, as applicable. In an effort to minimise litigation and expedite market correction, a Settlement and Commitment method was developed. The application for Settlement or Commitment is filed at a different stage of the investigation process for the two procedures.
For the purposes of Section 27 of the Act, the Turnover or Income Regulations specify how to determine an enterprise’s turnover or income. For the purposes of Sections 27 and 48 of the Act, they specify how to determine an individual’s income. Furthermore, Monetary Penalty Guidelines have been notified by CCI on the assessment of the monetary penalty that will be imposed on individuals and/or enterprises for any violation of the Act’s provisions. The eagerly awaited rules for monetary penalties have been designed to follow industry best practices and guarantee that the fine is commensurate with the degree of market harm that the infringing businesses or individuals have caused.
The CCI conducted a thorough public consultation process, and the regulations have been amended accordingly in light of stakeholder views and suggestions.
You can view these rules, the corresponding general declarations, and the penalty guidelines at www.cci.gov.in