Goal is to Increase transparency and hold tech giants accountable.
Method used by appointing independent agencies to monitor if companies follow through on their commitments made to the CCI.
Independent agencies includes Accounting firms, management consultancies, and individuals with relevant qualifications.
Responsibilities of agencies are to ensure companies comply with CCI orders, report any non-compliance, and maintain confidentiality.
Role of CCI here is to appoint, suspend, or terminate agencies based on performance.
The CCI will retain the authority to suspend or terminate the engagement of these agencies if they fail to meet the stipulated standards
Court challenges to these decisions are not allowed.
The company seeking a settlement or making a commitment will pay the monitoring agency.
In cases where the application is filed under the Combination Regulations, or any other relevant regulation, the payment responsibility will lie with the appropriate person as directed by the CCI.
This will ensure the financial burden does not fall on the regulatory body, but on the parties seeking settlement or commitment.
These proposed regulations signify a landmark shift in how regulatory compliance will be monitored in India for the tech sector.
CCI expects this will discourage tech companies from finding loopholes and ensure they follow the rules.
This could set a standard for regulating the tech sector in India.
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