CCI directs Trustees’ Association of India, IDBI Trusteeship Services Ltd, Axis Trustee Services and SBI CAP Trustee Company to cease and desist from anti-competitive conduct

The Competition Commission of India (CCI), via an order under Section 27 of the Competition Act, 2002, directed the Trustees’ Association of India, IDBI Trusteeship Services Limited, Axis Trustee Services Limited, and SBI CAP Trustee Company Limited, along with liable individuals under Section 48, to cease and desist from anti-competitive conduct. Based on meeting minutes and email exchanges, CCI found that these entities fixed benchmark prices for debenture trusteeship services during FY 2020-21 and 2021-22, amounting to cartelisation and limiting the market supply by dictating minimum fees. Considering mitigating factors, no monetary penalty was imposed.