(The Gist of PIB) Report of the Competition Law Review Committee submitted to Union Finance and Corporate Affairs Minister
[AUGUST-2019]

Report of the Competition Law Review Committee submitted to Union Finance and Corporate Affairs Minister

• Injeti Srinivas, Secretary (Corporate Affairs), presented the Report of the Competition Law Review Committee to the Union Minister of Corporate Affairs, Nirmala Sitharaman. 

About: 

• The Government of India constituted a Competition Law Review Committee in 2018 to review the existing Competition law framework and make recommendations to further strengthen the framework to inter alia meet new economy challenges.
• The Committee was chaired by Injeti Srinivas (Secretary, Ministry of Corporate Affairs).
• Key recommendations of the Committee: 
• Introduction of a ‘Green Channel’ for combination notifications to enable fast-paced regulatory approvals for vast majority of mergers and acquisitions.
• Introducing a dedicated bench in NCLAT for hearing appeals under the Competition Act.
• Introduction of express provisions to identify ‘hub and spoke’ agreements as well as agreements that do not fit within typical horizontal or vertical anti-competitive structures to cover agreements related to business structures and models synonymous with new age markets.
• Additional enforcement mechanism of ‘Settlement & Commitments” in the interests of speedier resolution of cases of anti-competitive conduct.
• CCI to issue guidelines on imposition of penalty to ensure more transparency and faster decision making which will encourage compliance by businesses.
• Strengthening the governance structure of CCI with the introduction of a Governing Board to oversee advocacy and quasi-legislative functions, leaving adjudicatory functions to the Whole-time Members.
• Merging DG’s Office with CCI as an ‘Investigation Division’ as it aids CCI in discharging an inquisitorial rather than adversarial mandate. However, functional autonomy must be protected.
• Opening of CCI offices at regional level to carry out non-adjudicatory functions such as research, advocacy etc. and interaction with State Governments and State regulators.

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Courtesy: PIB