CCI to overhaul its general regulations

The Competition Commission of India (CCI) has initiated a consultation process to revamp its general regulations, seeking feedback until July 8. Proposed changes include appointing a monitoring agency independent of involved parties, mandating submission of financial statements, and removing the 90-day deadline for final orders post interim orders. \r

The amendments align with principles of natural justice and enhance the regulator's efficacy in curbing anti-competitive practices, noted Mohit Garg, managing partner at Lex Panacea. However, K.K. Sharma, partner at Singhania & Co, expressed concerns over the limitation on filing information within three years of the cause of action, suggesting discretionary authority for the commission. \r

The overhaul follows the passage of the Competition (Amendment) Act 2023 in April 2023, necessitating regulatory updates.