Fair trade regulator CCI on Wednesday issued the draft regulations for commitment and settlement provisions under the competition law.
The provisions, introduced in the Competition Act through the amendments made earlier this year, are aimed at ensuring quicker market correction, according to the Competition Commission of India.
Stakeholders can submit their comments on the draft regulations from August 24 to September 13, according to communications issued by the regulator.
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.
The regulations for commitment and settlement provisions would cover the procedures, the factors to consider and period during which commitment and settlement can be offered.
"The intent of creating a procedure for commitment is driven by the need to ensure quicker market correction," the regulator said.
CCI has the mandate to curb unfair business practices and promote competition in the market place.
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