CCI unveils 2024 regulations: Enhanced transparency, confidentiality, and monitoring in major overhaul

The Competition Commission of India (CCI) has announced a comprehensive overhaul of its regulations, aimed at simplifying filings and applications for businesses, clarifying issues surrounding data confidentiality, and enhancing the implementation and monitoring of its orders.

The CCI has introduced the Competition Commission of India (General) Regulations, 2024, which will replace the previous regulations established in 2009. These new regulations follow the passage of the Competition Amendment Act 2023 last year.

Notably, for specific cases involving mergers, acquisitions, and commitments, the CCI can now appoint external agencies to oversee the implementation of its orders. “Such agencies may include an accounting firm, management consultancy, or any other professional organization, including chartered accountants, company secretaries, or cost accountants,” the notification states. These agencies must be independent parties to the proceedings.

Under the new regulations, the CCI is also required to maintain the confidentiality of an informant’s identity upon written request. To protect the confidentiality of information shared by businesses, parties may submit a complete version of such information or documents with the words ‘restriction of publication claimed’ in red ink at the top of the first page, and the word ‘confidential’ clearly marked in red ink near the top of each page.

Additionally, the CCI can establish confidentiality rings for parties who need access to full information, with the CCI determining the extent of information to be disclosed.

Experts have welcomed these amendments, noting that they are crucial for adapting to the evolving business environment.

Anjali Malhotra, Partner - Regulatory at Nangia Andersen India, highlighted key aspects of the new regulations, including a clearer distinction between interlocutory and miscellaneous applications, permission for multiple representatives through a single authorization letter, specifications regarding the roles of various officers, including the Secretary and the Director General, and detailed procedures for initiating inquiries, handling complaints, and ensuring compliance with the Act.

“Additionally, to safeguard confidentiality and clearly demarcate confidential information, the amended regulations mandate marking such information in red ink. These amendments strike a balance between stakeholder concerns and the need for procedural efficiency, maintaining fairness while aligning with international best practices,” she noted.