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of <h1>India's Competition Commission issues 2024 guidelines for calculating penalties under Competition Act 2002, considering contravention severity and cooperation.</h1> The Competition Commission of India has issued the 2024 guidelines for determining monetary penalties under the Competition Act, 2002. These guidelines outline the methodology for calculating penalties for enterprises and individuals violating the Act, considering factors like the nature and gravity of contravention, industry impact, and cooperation during investigations. Penalties can be up to 30% of an enterprise's average turnover or income, and up to 10% of an individual's average income. Special provisions apply for cartel-related contraventions and failure to notify combinations. The guidelines allow for deviation in exceptional cases, with reasons documented.
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