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Competition policy draft in 3 months

business Updated: Jun 23, 2011 22:07 IST
HT Correspondent

The ministry of corporate affairs (MCA) will be ready with a draft of national competition policy within 3 months. The ministry will seek public comments before finalising the policy.

"The committee has already been set up and it is working on the draft of the competition policy," said DK Mittal, secretary, MCA on the sidelines of a summit organised by the Confederation of Indian Industry (CII) on mergers and acquisitions.

The policy would provide a broad framework to the ministries and departments for framing new plans related to enhancing competition in the market.

"The act provides that the government should have a competition policy which gives a framework and guidelines when different policies are being decided by departments and ministries, they should keep these principle in mind," said Mittal.

When asked about the time-line for the adoption of International Financial Reporting Standards (IFRS) by corporates, he said it is better to wait for some more time.

"It is not appropriate for us to adopt these standards now as IFRS standards are undergoing serious changes," said Mittal. "It will be burden for corporate if we adopt them now and then make changes next year."

He also said that the new companies bill is likely to be tabled in the monsoon session.