New Delhi: CCI trustees order directed four entities to stop anti-competitive conduct over benchmark fee fixing for debenture trusteeship services.
The Competition Commission of India (CCI) issued the order on 02.09.2026 under Section 27 of the Competition Act, 2002. It found violations of Section 3(3)(a) and Section 3(3)(b), read with Section 3(1).
The directions covered Trustees’ Association of India (TAI), IDBI Trusteeship Services Limited, Axis Trustee Services Limited and SBI CAP Trustee Company Limited.
In addition, CCI held certain individuals from the four entities liable under Section 48 of the Act. However, it imposed no monetary penalty after considering mitigating factors.
The case followed minutes of meetings held by the Trustees’ Association of India. CCI also examined certain email exchanges linked to the matter.
Based on these records, the Commission found that the parties fixed a benchmark price for debenture trusteeship services. The conduct occurred during FY 2020-21 and 2021-22.
Moreover, CCI found that the collective fixing of a minimum price or fee restricted independent commercial decisions. It therefore treated the conduct as cartelisation under the Act.
CCI trustees order covers market control concerns
The Commission also found that the conduct limited and controlled the market for debenture trusteeship services. Members and non-members of the Trustees’ Association of India were told not to provide services below the benchmark fee.
As a result, debenture trustees faced restrictions on making independent pricing decisions. The conduct also affected the supply and market for these services.
CCI therefore directed the four entities and the individuals liable under Section 48 to cease and desist from the anti-competitive conduct.
However, the Commission considered mitigating factors before deciding on monetary penalties. It consequently imposed no financial penalty on the entities or individuals concerned.
The order was passed in Case No. 29 of 2021. CCI said a copy of the order was available on its website.
The findings focused on collective fee setting for debenture trusteeship services. Thus, the CCI trustees order addressed both price coordination and restrictions on independent market decisions.
