Cartels to be Reined in Under New Legislation
Sept. 7 – The Competition Commission of India (CCI) has implemented new legislation that will encourage cartel members to expose other members in exchange for lesser penalties.
Currently, the penalties for collective price fixing in India includes fines of up to three times the profit or ten percent of turnover. Depending upon the significance of the disclosure, cartels can be dismantled and the informant may escape without penalty. The legislation assures participants of full confidentiality and non-disclosure in addition to penalty waivers.
The use of cartels in India has been rife over the years. The government is keen to adopt measures to create a level playing field across all industry sectors.
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