New rules under amended competition law seek to ensure 'optimal regulatory balance': CCI chief

New Delhi: The new rules put in place pursuant to amendments to the competition provide legal certainty to stakeholders and also aim to ensure an optimal regulatory balance, according to CCI Chairperson Ravneet Kaur.

Amendments to the Competition Act were done in 2023 and all the provisions introduced by the amended law have been notified.

Among others, rules relating to the criteria for exemption of combination, minimum values of assets and turnover of the target enterprise required to constitute a combination and criteria for making a filing under the deemed approval route have been notified.

Also, the regulator introduced the Competition Commission of India (Combinations) Regulations, 2024 replacing the Competition Commission of India (Procedure in regard to the transactions of business relating to Combinations) Regulations, 2011.

In her message in the CCI's latest quarterly newsletter, Kaur said the September quarter saw the culmination of the process of review of regulatory framework relating to mergers and acquisitions set in motion by the Competition Amendment Act 2023.

"The new set of rules introduced pursuant to the amendment to the Competition Act also go further in providing legal certainty to the stakeholders as regards the scheme of exemptions etc. and are aimed to ensure the optimal regulatory balance.

"These new set of regulations are designed to streamline competition law enforcement in India and enhance clarity for businesses during the merger process. The Commission has continued to ensure that combinations do not harm competition in the market," she said.

CCI also engages in various advocacy activities to create more awareness about competition law and to ensure fair competition in the marketplace.

"The Commission remains dedicated to encouraging voluntary compliance and raising awareness among stakeholders about the benefits of a competitive market environment," Kaur said.