Mr. Sumit Agrawal, Foudning Partner, Regstreet Law Advisors and Mr. Pratham Darad, Principal Associate, Regstreet Law Advisors analyse the draft CCI (Commitment) Regulations, 2023 and the draft CCI (Settlement) Regulations, 2023 issued on August 23, 2023, in the article published in Volume 176 of the Corporate Law Advisors.
In the article, the authors evaluate the new Section 48A and 48B introduced to the Competition Act to empower the regulator in handling the alleged contraventions. Section 48A grants the CCI the authority to settle proceedings against entities accused of violations, while Section 48B allows entities facing inquiries to propose commitments regarding alleged contraventions mentioned in the Commission’s order. The article also discusses key omissions in the proposed regulations and how the proposed regulations can be made more effective.
The proposed regulations promise a more efficient and expeditious resolution of disputes in the competition landscape. The prime beneficiary of these regulations will be the Big-Tech companies which are subject to complex competition concerns. By empowering businesses, encouraging swift resolutions, and maintaining a balanced ecosystem, these regulations represent a step forward in the evolution of competition law.
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