The Competition Commission of India (CCI) is in the process of introducing a 'know-it-yourself' online module to help companies assess themselves on competitiveness and compliance, Chairman D K Sikri said today.
The Competition Commission of India (CCI) is in the process of introducing a ‘know-it-yourself’ online module to help companies assess themselves on competitiveness and compliance, Chairman D K Sikri said today.
“We are going to have a know-it-yourself online module for companies to assess their level of competitiveness and compliance. We are working with law firms to bring out the first draft after which we will take forward,” Sikri told a meet on competition law organised by CII here.
The fair trade regulator said there has been a steady increase in M&A filings with CCI over the past few years. “As of September, there have been 436 M&A filings, which are robust and this is expected to continue… We are conscious of the need and significance of inorganic growth to attain size and scale to succeed in global markets,” he added.
CCI is following a policy of quick approval of M&As, in line with government initiatives on ease of doing business.
“Following a policy of quick approval of M&As in 30 working days, we have so far approved a filing in an average of 22 working days. Only three cases have so far gone into the phase II of approvals,” he said.
CCI has disposed of about 80 per cent of the 700-odd anti-trust cases referred to it. “Over 600 of the 700 anti-trust cases handled by us till now have seen closure,” Sikri said, adding that out of the information filed, 80 per cent are not subject to any investigation now.
“Only 20 per cent cases go through an investigation stage,” he disclosed. CCI is also working on steps to revisit the rule of 30-day limit to make a filing.
Clarifying the regulator’s stand on heavy penalty for cartelisation, he said, “We are a firm believer in, and would prefer, competition advocacy to create competitive culture in our economy. We want enterprises to imbibe competition compliance in their functioning. And if there is a violation, there will be penalties.”
CCI held 66 events in the last six months to promote awareness among stakeholders and help them understand the scope of competition laws. It is also working on various aspects of competition laws to remove any ambiguity.
“We are working to develop a system to improve settlements in the next few years and provide clarity through guidelines on certain issues like penalties and non-compete, among others,” he explained.
Urging companies to conduct a competitive audit and due diligence before becoming members of trade bodies, he said: “The members must be made aware of competition laws and should also support this through advocacy. With more awareness, we have seen small firms taking on established players to thwart unfair competition.”