Providing more time for stakeholders, fair trade regulator CCI has extended the deadline for submitting comments on the proposed changes to the leniency norms under the competition law.
Providing more time for stakeholders, fair trade regulator CCI has extended the deadline for submitting comments on the proposed changes to the leniency norms under the competition law. The Competition Commission of India (CCI) has mooted amendments to the existing provisions in order to ensure “more clarity” for the stakeholders. Comments on the draft regulations can be submitted to the watchdog till next week.
Presently, an entity can seek lesser penalty in cases related to cartelisation provided the entity is not part of the particular cartel anymore. Among others, such entities are required to provide vital disclosure with respect to cartelisation in order to be eligible for leniency.
According to a recent CCI communication, the deadline to submit comments on the proposed amendments to ‘The Competition Commission of India (Lesser Penalty) Regulations’ has been extended to April 24, following requests from stakeholders.
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As per the draft proposals, the CCI plans to include the provision that an entity seeking leniency has to provide “the names of individuals, if any, who have been involved in the alleged cartel on its behalf and for whom lesser penalty is sought”.
Another change proposed is that the applicant might have to forfeit its claim for priority status and consequently for the benefit of grant of lesser penalty in case the required documents are not submitted to the CCI within the stipulated time. The identity of the applicant would be kept confidential subject to certain conditions, according to the draft norms.