NEW DELHI: India has completed the preparation of a regulatory framework under its new Competition Amendment Act, Ravneet Kaur, Chairperson of the Competition Commission of India (CCI), has said.
Speaking at the 15th Annual Day commemoration of the CCI, she said that ‘in the year gone by, the CCI was engaged in preparing the all-important regulatory framework under its amended competition law enacted in 2023.’
The Attorney General for India, R Venkataramani, said on the occasion that free markets can work but only with government created guardrails such as competition regulation.
He emphasised the need for new ideas of coexistence between the engine of free market and the umbrella of social benefit. ‘Regulation of competition has travelled from the domains of prevention of unfairness to price determination and consumer welfare and is now entering the age of common good as the determining factor.’
Kaur said the newly created regulatory framework has introduced ‘settlements and commitments, deal value thres
hold for notifying mergers and acquisitions, hub and spoke cartels in the statute book and an innovative concept of Leniency Plus, designed to address the complexities of modern markets and business practices.’
Source: Emirates News Agency