From the Chairman’s desk
From the Chairman’s desk

In the biggest democratic election on the planet, India completes its seven phase elections on 1st June, with 970 million voters, bigger than the combined population of USA, UK, Russia, France, Germany, Japan and several others. While the exit polls are on way, final results will be announced on 4th June, paving the way for new Government this month.

On 23rd May market cap of all BSE-listed companies reached $5.05 trillion in market capitalization, becoming 5th country after US, China, Japan and Hong Kong.

India’s GDP growth for 2024 fiscal is 8.2%, the highest among large economies. RBI has announced Rs. 2.11 lakh crores dividend to Government for FY 2023-24.

ADB has committed $2.6 billion to India by sovereign landing.

IRDAI has issued a comprehensive master circular on health insurance, mandating insurer to accept claims within an hour and provide final authorization within three hours. This is expected to give a boost to the insurance sector.

CCI celebrated it 15th Annual Day on 20th May 2024 with Attorney General Mr. R. Venkataramani as Chief Guest. In her introductory address, Chairperson CCI Ravneet Kaur said CCI was in the process of notifying regulations for the new merger control and the deal value threshold.

Ministry of Corporate Affairs (MCA) had invited comments of stakeholders on the Report of Committee on Digital Competition Law (CDCL) as well as Draft Digital Competition Bill placed on the website of MCA under e-Consultation module.

UK passed Digital Markets and Consumers Bill (DMCC). It is a compliance-based legislation where firms with ‘strategic market status’ designated by UK’s competition authority will have to comply with conduct requirements. They can be fined up to 10% of their global revenue on non-compliance.

We are in for interesting times ahead, stay tuned with us.

Honored to call on Hon’ble President of India at Rashtrapati Bhavan

Honored to call on Hon’ble Finance Minister, Govt. of India

Honored to call on Sr. Minister (now Hon'ble President) Singapore, Mr. Tharman Shanmugaratnam

COMPETITION LAW TOWNHALL - 13 SEPTEMBER