CCI gets 21 merger filings in October, highest in four years

NEW DELHI: The Competition Commission received 21 filings seeking approval for mergers in October, the highest number for any month in the past four years.

CCI has the mandate to keep a tab on unfair business practices across sectors while mergers and acquisitions beyond a certain threshold requires its approval.

In a tweet, CCI said it received "21 merger filings in October 2015 -- largest number of filings in a month in past four years".

CCI Member Augustine Peter said there has been an increasing trend in combination filings in the recent past.

"This indicates that investors are increasingly turning positive about the Indian economy," he told PTI.

Meanwhile, the regulator is in the process of introducing electronic filing facility for enterprises seeking nod for mergers and acquisitions.

In July, CCI had revised its combination regulations as part of its efforts to make the process simpler and more transparent.

According to the regulator, the amendments provide greater clarity and certainty with respect to M&A filings and will help in avoiding undue delays in the approval process.

So far, the Commission has dealt with more than 300 cases related to mergers and acquisitions.

In August, CCI Chairman Ashok Chawla had said there was at least 15-20 per cent increase in filings. M&A filings for this year are likely to be 20 per cent more than the previous year, he had said.