The Competition Law Review Committee headed by Injeti Srinivas has submitted its report to the Government.
Government had constituted Competition Law Review Committee in 2018 to review the existing framework and recommend changes to strengthen it.
The committee has recommended a ‘Green Channel’ for faster regulatory approvals for mergers and acquisitions that may have no major implications on competition.
It has also said that combinations arising out of the insolvency resolution process under the Insolvency and Bankruptcy Code should also be eligible for Green Channel approvals.
The report has also suggested setting up of Competition Commission of India(CCI) offices at the regional level for non-adjudicatory functions such as research and advocacy.
The Committee has also recommended that a dedicated bench be introduced in the National Company Law Appellate Tribunal(NCLAT) for hearing appeals under the Competition Act.
The report has asked CCI to issue guidelines on imposition of penalty to ensure more transparency and faster decision making which will encourage compliance by businesses.
It has also recommended for strengthening the governance structure of CCI with the introduction of a Governing Board to oversee advocacy and quasi-legislative functions leaving adjudicatory functions to the Whole-time Members.
The report has also said that the Competition Act should be amended to allow the government to introduce deal value or transaction value thresholds for combinations to come under scrutiny.
The report has suggested the introduction of express provisions to identify ‘hub and spoke’ agreements as well as agreements that do not fit within typical horizontal or vertical anti-competitive structures to cover agreements related to business structures and models synonymous with new age markets.