INDIA Trends and Developments Contributed by: Vaibhav Choukse, Ela Bali, Aditi Khanna and Faiz Siddiqui, JSA
JSA Advocates & Solicitors 3rd Floor, Tower C World Trade Centre Nauroji Nagar New Delhi 110029 India Tel: +91 11 4311 0699 Fax: +91 11 4311 0617 Email: vaibhav.choukse@jsalaw.com Web: www.jsalaw.com
India’s Merger Control Regime Turns 15 India’s merger control regime turned 15 in June 2026 and entered a new era in 2025. The sweeping amend - ments to the Competition Act, 2002 (the “Competi - tion Act”) finally came into force in late 2024, and they have changed the landscape in ways that go well beyond tinkering at the edges. A new deal value threshold (DVT), shorter review timelines, revised noti - fication mechanics, a reworked exemption framework: individually, each of these would have been notable; together, they amount to the most significant reshap - ing of India’s merger control regime to date. They reflect a deliberate choice to bring high-value and innovation-driven deals, particularly in digital and technology markets, under closer scrutiny, while also trying to make the overall process quicker and more predictable for businesses. The changes arrive at a time when India is witness - ing sustained deal activity across sectors, putting the Competition Commission of India (CCI) at the centre of increasingly complex transactional assessments. The new framework is more aligned with global best practices, and requires greater precision, sharper risk assessment, and earlier engagement with the regula - tory process. The year was also marked by the Supreme Court of India’s (SC) landmark ruling in the Amazon–Future Coupons case, which reaffirmed the procedural fair - ness and legal certainty in merger enforcement, while clarifying the limits of the CCI’s powers to revisit approved combinations.
Prior Approval and Ex-Ante Framework Under the Indian competition law, a “combination” means any acquisition of control, shares, voting rights or assets, as well as mergers and amalgamations, that cross the prescribed jurisdictional thresholds and require CCI approval. These thresholds are based on the asset value and turnover of the parties or their group (the “financial thresholds”), or on the value of the transaction, ie, DVT. Parties to a combination must obtain prior approval from the CCI before closing, unless a specific exemp - tion applies. The CCI conducts an ex-ante review to assess whether a combination is likely to cause an appreciable adverse effect on competition (AAEC) in India. De Minimis Relief for Smaller Transactions To reduce the regulatory burden on smaller transac - tions and support ease of doing business, the Indian government introduced a de minimis exemption in 2011, most recently in September 2024. Under the cur - rent exemption, which is applicable only while assess - ing the financial thresholds, a transaction does not require CCI approval if the target’s assets or turnover in India do not exceed INR450 crores (approximately USD49.34 million) and INR1,250 crores (approxi - mately USD137.06 million), respectively. Notably, this
exemption does not apply to the DVT. Suspensory Merger Control Regime
India’s merger control regime is both mandatory and suspensory, meaning parties cannot consummate the
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