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NEW DELHI: Fair trade regulator CCI on Wednesday issued draft regulations for commitment and settlement provisions under the competition law. The provisions, introduced in the Competition Act through amendments made earlier this year, are aimed at ensuring quicker market correction, according to CCI.
Stakeholders can submit their comments on the draft regulations from August 24 to September 13.
The commitment mechanism will enable an enterprise against whom an inquiry is on for alleged contravention of the competition law to offer commitments before CCI. Similarly, the settlement mechanism will allow such enterprises to apply for settlement before the regulator. “The intent of creating a procedure for commitment is driven by the need to ensure quicker market correction,” the watchdog said.
Stakeholders can submit their comments on the draft regulations from August 24 to September 13.
The commitment mechanism will enable an enterprise against whom an inquiry is on for alleged contravention of the competition law to offer commitments before CCI. Similarly, the settlement mechanism will allow such enterprises to apply for settlement before the regulator. “The intent of creating a procedure for commitment is driven by the need to ensure quicker market correction,” the watchdog said.
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