17/12/2019 - Governance

KEY POINTS

·        Within a decade, the CCI has made its presence felt around the globe and partnered with various international competition agencies.

·        The ministry of corporate affairs, constituted the Competition Law Review Committee (CLRC).

·        This report provides a roadmap for the competition law regime in India. This board’s functions will be quasi-legislative, policy decisions and a supervisory role.

·        The CCI would be enabled to delegate functions and allocate responsibilities to its members and officers along with setting up of performance reviews and performance standards for the organisation.

·        To cater to combinations that arise via the Insolvency and Bankruptcy Code and to fast-track other combinations, a green channel has been formulated to provide automatic approval for certain combinations through self-assessment and pre-filing with the CCI.

·        A green channel is a notified set of procedures for faster approval of combinations that is facilitated by consultations with the CCI and self-assessment based on criteria that have been recommended to be as objective as possible.

·        The report also reflected on ensuring ways to address new challenges like a ‘hub and spoke’ cartel and other agreements of the new age that might not be strictly horizontal or vertical agreements. An attractive proposition is the contemplation of a new index, similar to the Ease of doing business index.

·        It is hoped that with these proposed changes, the Act will prove to be an effective tool of realising the dream of making India a $5-trillion economy, and protecting the interest of the consumers at large by ensuring healthy competition in the economy, leading to efficiency and sustainable economic growth.

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