BUSINESS: The Indian competition regulator has hit the reset button. In its biggest overhaul in over a decade, the Competition Commission of India (CCI) has introduced new rules aimed at reducing red tape and providing much-needed transparency to companies. The CCI has introduced the CCI (General) Rules 2024, a comprehensive set of rules that will replace a decade-and-a-half-old framework. The regulation, which comes into effect on Tuesday, is aimed at simplifying the commission’s work, the regulator said. People familiar with the regulatory changes said the new framework is based on the CCI’s extensive experience of handling cases since 2009 and incorporates statutory updates introduced last year. The revised procedures are expected to make it easier to do business in India, the official said.
The new rules give companies more flexibility in submitting documents, provide clear guidelines on the type of applications to be submitted and set a six-month deadline for a final order where an interim order has been granted. In a separate statement, the CCI said companies applying for an extension or suspension are now exempted from signing supporting affidavits or filing affidavits. This exception is different from the draft rules issued in June, which required filing and a signed affidavit. The regulator said the reforms were made in response to shareholders’ feedback.
