CCI on BCCI’s Abuse of Dominant Position
The Competition Commission of India (“CCI”) has ruled that Board of Control for Cricket in India (“BCCI”) has abused its dominant position in the market of organization of domestic cricket leagues in India. The CCI on June 1, 2018 in Re: Pan India Infraprojects Private ltd v. BCCI decided that since BCCI has a right to sanction/approve cricket events in India, it holds a dominant position in the market for organization of domestic cricket leagues in India. This decision weighs in on the BCCI’s treatment of the now-disbanded Indian Cricket League (“ICL”). CCI held that BCCI, by not recognizing ICL and by excluding them from participating in bids for allocation of broadcast rights, abused its dominant position.
SEBI Amends Credit Rating Regulations
The Securities and Exchange Board of India (“SEBI”) issued a circular on May 30, 2018, amending the Credit Rating Regulations, 1999 (“Regulations”), which govern all the credit rating agencies (“CRA”) under the ambit of SEBI. Section 16(3) of the Regulations refers to the withdrawal of rating by a CRA. The amendment states that a CRA can withdraw the rating if the CRA has rated the instrument continuously for 5 years or 50% of the tenure of the instrument, whichever is higher. At the time of withdrawal of rating, the CRA has to assign a rating and issue a press release, as per the format prescribed by SEBI, mentioning the reasons for withdrawal.