The regime, introduced in 2022, allows parties involved in a case to have access to confidential information or documents relating to other parties in an investigation to better defend themselves, subject to riders.
The draft regulations released by the anti-trust regulator have set a time frame for seeking and granting access to confidential information.
The CCI has proposed that the party seeking access to confidential information must request for setting up a confidentiality ring at the earliest. If such a request is made by a party after the receipt of the non-confidential version of the investigation report, it will be made within seven days, with a provision to give another 7 days, subject to conditions. The regulator has sought stakeholder comments on the draft proposals until March 27.
Neelambera Sandeepan, partner at law firm Lakshmikumaran & Sridharan, said the proposed amendments aim to “prevent delays caused in enforcement proceedings on account of accessibility of confidential documents”. They also specify conditions and circumstances as to when the confidentiality rings can be set up, she said.
A party seeking confidentiality over the information or documents furnished by it will set out cogent reasons for such a treatment, the draft said. The party must specify the date on which such confidential treatment will expire on a self-certification basis, it said.
(You can now subscribe to our Economic Times WhatsApp channel)
