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In a recently released draft regulations, Competition Commission of India (CCI) proposed close monitoring of settlement and commitment offered by companies such as Big Tech entities in anti-trust cases.
Key Highlights of the Draft
- Appointment of monitoring agencies: Empowers CCI to appoint independent agencies like accounting firms, and individuals like chartered accountants, etc., to monitor implementation of CCI’s orders.
- CCI would retain the authority to suspend or terminate the involvement of these agencies if they do not meet certain standards. Any such revocation cannot be challenged in any court of law.
- Independence of monitoring agencies: Agencies must confirm their independence by disclosing their potential conflicts of interest.
- Responsibilities of monitoring agencies: Inform CCI of instances of non-implementation of orders, submission of periodic reports as per CCI’s direction, etc.
Potential significance of the draft proposal
- Prevent big tech firms, from circumventing regulatory orders and ensure that they adhere to their commitments in letter and spirit by ensuring transparency and accountability in tech sector.
- Guarantee that every party involved has a fair and equal chance to participate and have their interests adequately represented and considered.
