CCI Releases Draft ‘Commitment’ and ‘Settlement’ Regulations, 2023
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- Last Updated on 28 August, 2023
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Draft Regulations; Dated: 23.08.2023
CCI has released draft commitment and settlement regulations, 2023. The commitment mechanism will enable an enterprise against whom an inquiry is initiated for an alleged contravention of competition law to offer commitments before the Commission.
Similarly, the settlement mechanism permits enterprises to apply for settlement before the Commission. Further, stakeholders can submit their comments on draft regulations within 21 days from 24.08.2023 to 13.09.2023.
The objective of creating a procedure for commitment is to ensure quicker market correction while the objective of creating a procedure for settlement is to reduce litigation and ensure quicker market correction.
Further, the ‘Commitment’ and ‘Settlement’ Regulations provide the procedures to be followed during commitment and settlement proceedings respectively including the following:
(a) Form and contents of the application for commitment and settlement along with fee payable;
(b) Procedure of commitment and settlement proceedings;
(c) Period during which commitment and settlements may be proposed;
(d) Manner in which the CCI will invite objections and suggestions to the commitment and settlement terms;
(e) Factors to be considered by the CCI in assessing the commitment and settlement terms;
(f) Manner of determining the settlement amount;
(g) Nature and effect of the commitment and settlement order;
(h) Implementation and monitoring of the terms of the commitment and settlement order; and
(i) Revocation of the commitment and settlement order.
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