Cartel Leniency Program in India: Why No Race Here?

This study analyses the implementation of the cartel leniency program by the Competition Commission of India using comprehensive data and finds a distinct lack of a ‘race’ to the agency. It specifically focuses on why prima facie findings have not resulted in a ‘shock’ to expected returns and hence have induced leniency applications. Combining theoretical and empirical analysis, the paper explores the weaknesses of the program and offers suggestions for improving it.