Revised norms: CCI can appoint agencies to monitor implementation of orders | News
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Section 48A and 48B pertain to commitment and settlement, respectively, Section 31 refers to orders on mergers and acquisitions Photo: PTI
Competition Commission can now appoint agencies to monitor the implementation of its orders, with the notification of amended regulations.
The move also comes amid instances of some entities flagging concerns about non-compliance with certain orders of the regulator, which works to ensure fair competition in the market place.
The Competition Commission of India (General) Regulations, 2024 were notified on Tuesday.
Now, agencies can be appointed by CCI to monitor the implementation of its orders. The agencies can be accounting firms, management consultancy or any other professional organisation or chartered accountants, company secretaries or cost accountants.
“Where the Commission is of the opinion that the implementation of its orders passed under Section 31 or Section 48A or Section 48B or any other provisions of the Act and regulations made thereunder, needs monitoring, it may appoint agencies to oversee such implementation, on such terms and conditions as deemed fit by the Commission,” as per the new regulations.
Section 48A and 48B pertain to commitment and settlement, respectively, Section 31 refers to orders on mergers and acquisitions.
Among others, the agency would have the responsibility to inform CCI of any non-implementation or non-compliance with its orders.
The regulator can appoint agencies for the purpose with respect to various kinds of orders, including those related to mergers and acquisitions.
Various other changes have also been made in the regulations, including introducing a time period of 180 days for passing a final order from the date of issuing an interim order.
Subsequent to the amendments made to the Competition Act in April 2023, CCI carried out a comprehensive review of its general regulations. Public consultations were also done before amending the regulations.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Sep 18 2024 | 11:41 AM IST
