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In the long-running tussle between the National Stock Exchange (NSE) and its younger rival MCX-SX, the Competition Commission is believed to have penalised NSE for abusing its dominant market position. As a penalty, NSE has been asked to pay 5% of its average annual turnover and also “cease and desist” of unfair trade practices in the currency derivative trading, sources said.
XBRL – A New Financial Reporting Language -Businesses are adapting to an operating environment which increasingly focuses on improved corporate governance and better risk management. In response to changing expectations of stakeholders towards transparency and good governance, a technology led new information management environment is continuously emerging. New standards of financial reporting like Extensible Business Reporting Language (XBRL) a language for the electronic communication of business and financial data is revolutionizing business reporting around the world.
The Competition Act, 2002 was enacted to regulate (a) anti-competitive agreements, (b) abuse of dominance, and (c) Combinations. The provisions relating to regulation of combinations (for instance mergers, acquisitions, amalgamations, takeovers etc.) had been in abeyance for some time. These have now been notified Vide Notification No. S.O. 479(E) dated 4 March, 2011 and shall come into effect from 1 June, 2011. On n May, 2011, the CCI has released The Competition Commission of India (Procedure in regard to the transaction of business relating to combination) Regulations, 2011 . Consequently, combinations covered by the prescribed monetary thresholds, based on assets or turnover of the parties (or groups) to the combination, shall now require filing and prior approval of the Competition Commission of India effective 1 June, 2011.
Event and Entertainment Management Association versus Union Of India & Ors. (Delhi High Court)- Delhi HC has dismissed the petition seeking a direction to the Union of India, Ministry of Human Resource Development, to frame objective standards for determination and levying of royalties of various copyrighted works administered by Phonographic Performance Ltd and the Indian Performing Right Society Ltd and the mode of enforcing and administering such royalties. The association had also sought a further direction for investigation of the books of account of the two copyright societies to ascertain whether they have paid their dues to the owners/authors of copyrights. The association alleged that the government has failed to set down any objective standards and criteria for charging of royalties by the two societies, and the latter are therefore acting arbitrarily in fixing tariffs. The high court rejected the prayers stating that the fixation of tariff or royalties by the two companies in exercise of their powers under the Copyright Act is not arbitrary or unreasonable. The judgment explained that the law itself provided a mechanism for fixing tariffs and the matter can be dealt with by the copyright board.
The Competition Commission of India (CCI) today imposed a penalty of Rs one lakh each on 27 film producers on charges of colluding through a cartel to exploit theatre owners. The CCI imposed the fine on filmmakers after having found them guilty of entering into anti-competitive agreement.
Competition Commission of India (CCI) has on 11 May 2011 issued the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011 (Combination Regulations) which deals with merger and acquisitions in India. The Combination Regulations shall come into force on 1 June 2011. Combination Regulations deals with procedural aspects related to notification of Combination under the Competition Act, 2002 (Competition Act), exemptions and pre-merger notification process.
The much debated Regulations governing combinations have been finally notified by the Government on 11 May 2011. These Regulations shall come into force on 1st day of June, 2011. This article summarizes key provisions of the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011 (Regulations) relating […]
Competition watchdog CCI has issued a show cause notice to the National Stock Exchange (NSE) asking why a penalty should not be imposed for its unfair trade practices in connection with currency derivatives trading . The commission has found NSE guilty of violating Section 4 of the Competition Act, which is abuse of dominant position, according to a source in the CCI.
Categories of transactions not likely to have appreciable adverse effect on competition in India. In view of the duty cast upon the Commission under section 18 and powers conferred under section 36 of the Act, and having regard to the mandate given to the Commission to, inter alia, regulate combinations which have caused or are likely to cause appreciable adverse effect on competition in terms of sub-section (1) of section 6 of the Act, it is clarified that since the categories of combinations mentioned in Schedule I are ordinarily not likely to cause an appreciable adverse effect on competition in India, notice under sub-section (2) of section 6 of the Act need not normally be filed.
The Competition Commission of India (CCI) today released the regulation of Combinations related with the implementation of provisions of Section 5 & 6 of Competition Act (the Combination Provisions, which have been envisaged to prevent creation of anti competitive environment in Indian economy),are coming into effect from 1st June, 2011.
