Posted On: 08 MAR 2024 6:51PM by PIB Delhi
The Competition Commission of India (CCI) has notified three regulations viz. THE CCI (SETTLEMENT) REGULATIONS, 2024; THE CCI (COMMITMENT) REGULATIONS, 2024; THE CCI (DETERMINATION OF TURNOVER OR INCOME) REGULATIONS, 2024 and THE CCI (DETERMINATION OF MONETARY PENALTY) GUIDELINES, 2024 on 06.03.2024. These regulations and guidelines were issued pursuant to the Competition (Amendment) Act, 2023, and subsequent notification of sections 20, 35 & 40 of the Competition (Amendment) Act, 2023 with effect from 06.03.2024.
The 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 an alleged contravention of section 3(4) or section 4 of the Act, as the case may be, to apply for settlement or commitment before the CCI. The intent of creating a procedure for Settlement and Commitment is driven by the need to reduce litigation and ensure quicker market correction. The two mechanisms differ in terms of the stage of the inquiry process at which the application for Settlement or Commitment is filed. Top of Form
The Turnover or Income Regulations provide for the determination of turnover or income for 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. In addition, CCI has also notified Monetary Penalty Guidelines with respect to the determination of monetary penalty to be levied on the enterprise(s) and/or persons for any contravention of the provisions of the Act. The much-awaited monetary penalty guidelines have been framed in line with best practices and to ensure that penalty imposed is proportional to the anti-competitive harm caused to the market by the contravening entities/ persons.
The CCI has followed a detailed public consultation process and based on the comments/suggestions received from the stakeholders, appropriate changes have been incorporated in the regulations.
These regulations, their respective general statements and the penalty guidelines can also be accessed at www.cci.gov.in
