India: Ministry of Corporate Affairs adopted the Competition (Criteria of Combination) Rules, 2024 pertaining to merger and acquisition notification criteria

On 9 September 2024, the Ministry of Corporate Affairs adopted the Competition (Criteria of Combination) Rules, 2024, under the Competition Act, 2002. The rules apply to parties involved in mergers, acquisitions, or amalgamations, including their group entities and affiliates holding at least 10% shareholding or control rights. The rules set out criteria for notifying combinations where parties do not offer similar, substitutable, or complementary products or services and define relevant entities and affiliates. The rules come into effect on 10 September 2024.