Ease of doing business? Competition Commission revises norms for M&A deals

The Competition Commission of India (CCI) has relaxed the filing requirements for entities seeking approval for merger and acquisition (M&A) deals. The CCI already allows invites public comments for all M&A deals under its review.

According to a report by the ET, the CCI took the decision to ease the norm as it wanted to minimize the delays and bring in more transparency in its decision making processes.

“To bring in greater transparency regarding the review process, the amendments provide that a summary of every combination under review will be published on the watchdog’s website. “Such publication will provide stakeholders an opportunity to submit their comments to CCI regarding the proposed combination," the agency stated.

While reviewing its Combination Regulations, the Commission made it easier for entities seeking approval for merger and acquisition (M&A) deals, by providing "flexibility to parties regarding signing of the notice", among others.

Making another amendment, the CCI revised the timeline for first phase review has been modified to 30 working days from earlier 30 calendar days. The Commission has also decided that the third parties could give their comments on proposed M&A within 15 days time in the first phase review. The agency aims at making its regulations more "forward looking, in keeping with some of the best practices in other jurisdictions”.