The Competition Commission of India (CCI) on September 5 released draft regulations for combinations (mergers and acquisitions) and is seeking public comments on the same. The proposed regulations, titled the Competition Commission of India (Combinations) Regulations, 2023, lay out the specifics of the new framework for mergers and acquisitions introduced as part of the Competition (Amendment) Act, 2023, which was passed in April to amend the Competition Act of 2002 to bring it up to speed with the digital markets. The draft regulations are open for feedback until September 25, 2023. Interested stakeholders can submit their comments here. The draft CCI (Combinations) Regulations, 2023 elaborates on the following: Factors to consider when determining the value of a deal Criteria for "substantial business operations in India" Different forms of notice to be filed with the CCI for a proposed combination Procedure for filing notice and scrutiny of notice Amount of fee and mode of payment Procedure for modification to the proposed combination. These proposed regulations will repeal and replace the CCI (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011, which currently governs the regulation of combinations in India. Key features of the Combinations Regulations, 2023 The Competition (Amendment) Act, 2023 introduced the concept of deal value threshold. If the value of any merger or acquisition exceeds Rs. 2,000 crores ($250 million), it would require CCI approval, provided that the party which is being acquired or amalgamated has “substantial business operations in India." Earlier, combinations needed to…
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