Fair trade regulator, the Competition Commission of India (CCI) is in the final stages of implementing a long-awaited confidentiality regime for privileged information relating to companies and their business operations during proceedings at the commission.
CCI chairman Ashok Kumar Gupta told Business Today Television that the specifics of the upcoming confidentiality regime are being fine-tuned and would be finalised soon.
"CCI has conducted virtual consultations as well with the stakeholders who provided very valuable feedback. Currently, the text of the proposed regime is being firmed up and fine-tuned, after considering the comments and feedback provided by stakeholders. I am hopeful that CCI would be able to notify the new regime very soon, may be within a month." Gupta said.
In early 2021, the CCI had floated a consultation paper seeking public comments on the proposed confidentiality regime.
The proposed regime requires parties seeking confidentiality to self-certify their confidentiality claims, introduce a mechanism of confidentiality rings which would comprise of the authorised representatives of the parties reviewing the entire process in an uncensored form.
Meanwhile, the Commission is also focusing on the digital economy with respect to competition regulation.
"Anti-competitive practices in digital markets need to be dealt with in a faster manner. There are so many things happening dynamically in the digital markets. As a market regulator, we have to be nimble-footed to prevent anti-competitive practices and carry out market corrections," Gupta said. CCI had recently ordered an investigation into Apple Inc.'s business practices involving alleged violation of antitrust laws.
In response to a question on whether this would mean the introduction of new competition restrictions for the new age economy, the CCI chairman said the existing statutory framework and regulatory approach was good enough.
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