Competition regulator sets up panel to brainstorm conflict-of-interest norms
Subscribe to enjoy similar stories. NEW DELHI : India's anti-trust regulator has set up an internal committee to recommend a set of norms on ‘conflict of interest’ for officials, according to two persons aware of the development. Once the draft regulations are ready, the Competition Commission of India (CCI) is likely to seek public comments before implementing it, one of the persons said on the condition of anonymity.
Regulators frame policies on conflict of interest to ensure their functioning remains fair, transparent, and trustworthy, while fostering public confidence in the institution. The CCI recently set up another internal panel of officials to recommend measures to make its recovery process more robust, Mint reported on 20 October. The move to explore ways to fine-tune the regulator’s functioning comes at a time when the Parliamentary Standing Committee on Finance, led by Bhartruhari Mahtab, is looking into the track record and funding of some regulators and investigating agencies.
The Public Accounts Committee of Parliament (PAC), led by Opposition MP K.C. Venugopal, is also conducting a performance audit of some regulators, such as the CCI, Securities and Exchange Board of India, and the Telecom Regulatory Authority of India. Queries emailed to the CCI on Tuesday seeking comments for the story remained unanswered at the time of publishing.
The central government already has conduct rules for all its employees in all-India services as well as other services. Experts believe the regulator's tailored norms on conflict of interest will help the market and businesses. Manmeet Kaur, a partner at law firm Karanjawala & Co., said the proposed norms, which specifically address conflict of interest, would be a welcome
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