None of the amendments proposed within the Competition Amendment Bill 2022 — now earlier than Parliament — will improve compliance burden for business, the Competition Commission of India (CCI) Chairman Ashok Kumar Gupta mentioned on Saturday.
The total function of the amendments is to promote ease of doing enterprise whereas offering regulatory certainty, selling belief based mostly regime by doing quicker market correction, Gupta mentioned at CCI-Assocham organised seventh Annual International Conference on Competition Law right here.
“None of the amendments is regressive and there is no need for any apprehension on this count. Just bring to my notice if you still feel any amendment is regressive and increase compliance burden. We will drop it,”
Gupta mentioned.
The official also highlighted the assorted steps taken by CCI for simplifying procedures, which have helped ease compliances and facilitate speedy disposal. These include an automatic approval for certain transactions and simplifying forms for filing notices.
He additionally exhorted companies to undertake compliance practices that encourage belief between the regulator and the business:
“To make a trust-based regime sustainable, it is imperative that businesses adopt proactive competition compliance as an important element of corporate governance strategy. This will also help them compete globally. The Indian Competition Act encourages this mutual meaningful relationship between competition and corporate governance.”
Proposals
Gupta highlighted that introduction of limitation interval of three years; deal worth threshold and settlement and commitments are three principal modifications proposed within the Bill.
CCI chief additionally mentioned that CCI was dealing with a giant problem in digital financial system and wanted to improve itself to address quick modifications within the markets, which he mentioned was already dynamic.
Referring to the antitrust challenges posed by digital markets, Gupta highlighted that CCI is within the strategy of establishing a devoted Digital Markets and Data Unit (DMDU), which will likely be staffed with new skilled profiles similar to information scientists, algorithm consultants other than the prevailing streams of legislation, economics, and finance.
Source: The Hindu Business Line
