Earlier this year, India's competition framework underwent a much-needed revamp with the introduction of the Competition (Amendment) Act, 2023.
India’s recent Competition (Amendment) Act 2023 does a lot to bring India’s competitive framework in line with best international practices.
The act brings the country’s competition framework in line with international best practices and, crucially, allows parties under investigation to voluntarily propose steps to address the concerns raised by the Competition Commission of India (CCI). Even as the ink on the amendment dries, the CCI recently issued draft settlement and commitment (S&C) regulations, delineating the procedural aspects of these mechanisms. This marks a significant stride towards inclusive policy-making.
The S&C mechanism offers a structured framework for parties under investigation to arrive at a quicker resolution. Before it can be truly celebrated, the effectiveness of the proposed new regulations makes it a case of forward hopefully.