The Competitors Fee of India (CCI) has introduced a complete overhaul of its rules, aimed toward simplifying filings and functions for companies, clarifying points surrounding knowledge confidentiality, and enhancing the implementation and monitoring of its orders.
The CCI has launched the Competitors Fee of India (Normal) Laws, 2024, which can substitute the earlier rules established in 2009. These new rules comply with the passage of the Competitors Modification Act 2023 final yr.
Notably, for particular circumstances involving mergers, acquisitions, and commitments, the CCI can now appoint exterior businesses to supervise the implementation of its orders. “Such businesses could embrace an accounting agency, administration consultancy, or every other skilled group, together with chartered accountants, firm secretaries, or price accountants,” the notification states. These businesses should be unbiased events to the proceedings.
Below the brand new rules, the CCI can also be required to keep up the confidentiality of an informant’s identification upon written request. To guard the confidentiality of knowledge shared by companies, events could submit a whole model of such data or paperwork with the phrases ‘restriction of publication claimed’ in pink ink on the prime of the primary web page, and the phrase ‘confidential’ clearly marked in pink ink close to the highest of every web page.
Moreover, the CCI can set up confidentiality rings for events who want entry to full data, with the CCI figuring out the extent of knowledge to be disclosed.
Consultants have welcomed these amendments, noting that they’re essential for adapting to the evolving enterprise surroundings.
Anjali Malhotra, Associate – Regulatory at Nangia Andersen India, highlighted key elements of the brand new rules, together with a clearer distinction between interlocutory and miscellaneous functions, permission for a number of representatives via a single authorization letter, specs relating to the roles of varied officers, together with the Secretary and the Director Normal, and detailed procedures for initiating inquiries, dealing with complaints, and making certain compliance with the Act.
“Moreover, to safeguard confidentiality and clearly demarcate confidential data, the amended rules mandate marking such data in pink ink. These amendments strike a steadiness between stakeholder considerations and the necessity for procedural effectivity, sustaining equity whereas aligning with worldwide finest practices,” she famous.
