Mergers and acquisitions to get faster approvals with new CCI rules
July, 30th 2015
In a bid to make the process of approvals of mergers and acquisitions speedier and simpler, the Competition Commission Of India (CCI) has revised its combinations regulations. Stakeholders, for long, were demanding the revision of tedious compliance requirements of the competition regulator.
As per the new guidelines, a summary of every combination (merger and acquisition) under review will be published on the website of CCI. The step will ensure greater transparency.
In recent months CCI has seen a spurt in number of merger notices being filed. Last year, the regulator was getting three notices per month on an average. This year the number has gone up to ten notices per month.
"A key change brought in the amendments is in relation to the definition of the term other document. To bring in more certainty, scope of the term other document has now been limited to a communication conveying the intention to make an acquisition to a statutory authority," said a statement from CCI.
The number of copies of notice to be filed with the Commission has also been reduced.
CCI has also simplified forms required to be filed for notifying combination.