The Competition Commission of India (CCI) issued an order dated September 2, 2026, under Section 27 of the Competition Act, 2002, directing Trustees' Association of India (TAI), IDBI Trusteeship Services Limited, Axis Trustee Services Limited, and SBI CAP Trustee Company Limited to cease and desist from anti-competitive conduct. The order found these entities violated Section 3(3)(a) and 3(3)(b) read with Section 3(1) of the Act by collectively fixing benchmark prices for debenture trusteeship services during FY 2020-21 and 2021-22.
Based on meeting minutes and email exchanges, CCI determined that TAI fixed minimum prices/fees for debenture trusteeship services, which prevented independent commercial decision-making and constituted cartelization. The conduct also involved limiting and controlling the supply/market for these services, as both members and non-members of TAI were dictated not to provide services below the benchmark fee.
CCI found certain officials of all four entities liable under Section 48 of the Act but imposed no monetary penalty due to mitigating factors. The case was registered as Case No. 29 of 2021, and the order is available on the CCI website at www.cci.gov.in.