Paradigm shift in Indian competition law

With a new Act and regulations, regular updating of CCI's analytical tools in 2024 to suit the new-age economy has been the hallmark of competition law enforcement

- DHANENDRA KUMAR

COMPETITION IS THE life force of a market economy. As the Competition Commission of India (CCI) completed 15 years of enforcement in 2024, it has won its place on the high table of key market regulators worldwide. Though relatively young, it has adjudicated more than 1,200 antitrust cases, keeping in view the specificities of each sector, market structure, nature of contraventions, in diverse sectors such as cement, airlines, automobile, banking, e-commerce, media and entertainment, pharmaceuticals, and manufacturing. It has also approved over 1,200 mergers and acquisitions (M&As), over 90% within 30 days, with nearly 115 transactions okayed under the "green channel" route.

2023 Act, 2024 effect This year saw the implementation of the Competition Act, 2023, and regulations envisioned in 2023. In January, the CCI brought into force the CCI (General) Amendment Regulations, 2024. It now allows a party to file an interlocutory application before the CCI in a case under Section 19 of the Competition Act, under conditions. Provisions have been brought in after the Act was amended in 2023 regarding: (a) leniency plus; (b) commitment and settlement; (c) penalty on global turnover and compensation; (d) time-bound decisions. The ministry of corporate affairs (MCA) also published draft rules on green channel, de-minimis, and draft exemption rules on March 11.