CCI notifies 7th set of amendments to merger regulations: Green Channel now a reality!
The Competition Commission of India (CCI) has constantly reformed the merger control regulations from 2011. In 2018, the CCI took it upon itself to further streamline the merger control regime to increase the ease of doing business in India. The pro-active effort which the CCI initiated last year has matured as it notified its 7th set of amendments (Amendment Regulations 2019) to the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011 (Combination Regulations). In essence, the Amendment Regulations 2019 appear to be a culmination of enduring deliberations with the Ministry of Corporate Affairs (MCA) over the last few months to further ease the approval process for mergers and acquisitions in India. The Amendment Regulations 2019 will be effective from 15 August 2019.
Given the significant shift brought by the Amendment Regulations 2019 in the merger control regime, this update endeavours to highlight the salient features of the latest amendments, including their practical implications on domestic and foreign clients.
Introduction of Green Channel
Comment:
Practical Implications
Potential legislative issues
Amendment to the Structure of Form I
- (i) inter-connected transactions; (ii) rights acquired by the parties to the combination; (iii) foreign investment as a result of the combination; (iv) information on complementary business activities between the parties, etc.;
- market-facing data (such as, market size, shares and competitor/customer/supplier information) for the last 3 (three) years as against the current practice of the last 1 (one) year;
- all plausible alternative relevant markets (including explanations for accepting or rejecting a specific definition); and
- any proceedings before the CCI or other competition authority(ies) to which they are/were a part of in the last 5 (five) years.
Comment:
Amendment to the Public Summary Mechanism
Comment:
This is a welcome step as it simplifies the process of filing the merger notification and eliminates the duplication of effort.
The 7th set of amendments to the merger control regulations have far reaching ramifications. These amendments seek to bring about a major shift in the existing merger control landscape in India. We believe that merger transactions will continue to require deep competition assessment with an interdisciplinary expertise in law and economics.
- Khaitan & Co’s Competition/Antitrust Team
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