The Competition Commission (CCI) is tip-toeing ahead rather carefully and prudently it appears. Rather than swinging its cartel-sundering axe too readily, the CCI’s first ever decision this week went in favour of the alleged cartel, clearing 16 banks from having fixed home loan-related penalty rates.

Any new regulator, particularly in a field such as competition law, will need respect and a modicum of fear from those it regulates but likewise it needs to be accepted by industry. This should now be the case after the CCI proved it does not hate successful companies. But will its next decision be a long-awaited big bang?

Afghanistan too may have to ask itself similar questions soon. UK organisations have roped Indian law firm ELP in to help Kabul to build a competition law regime by Christmas. Some may ask, does reconstruction-stricken Afghanistan not have bigger fish to fry than competition law? One Indian competition lawyer disagreed and told Legally India that competition law is the basic building block of all capitalism. So there.

Or is the unfettered buying and selling epitomised by M&A the archetype of capitalism? Perhaps to cover both bases, ELP has also built up its private equity/M&A practice this week with a partner hire from ARA Law.

Corporate was a focus too at Luthra & Luthra, which promoted two partners in Delhi and a raft of associates.

And finally, Rajasthan is still in early stages but could be on its way to becoming a transactional law hub in future: one of the local Jaipur corporate law firms has expanded as some national firms are said to be doing due diligence for new offices there.

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