CCI directs Trustees’ Association of India and three debenture trustees to cease and desist from fixing a benchmark fee; no monetary penalty
By an order dated 2 September 2026 under section 27 of the Competition Act, 2002, CCI has directed Trustees’ Association of India, IDBI Trusteeship Services Limited, Axis Trustee Services Limited and SBI CAP Trustee Company Limited to cease and desist from conduct found to violate section 3(3)(a) and 3(3)(b) read with section 3(1). No monetary penalty was imposed.
Key facts
- Published
- 3 September 2026
- Section
- Company Law
- In force
- CCI order dated 2 September 2026
- Who it affects
- Debenture trustees, issuers of debentures, trade associations and their office-bearers, company secretaries and compliance officers
In 30 seconds
- The order is dated 2 September 2026 and was passed in Case No. 29 of 2021.
- It is addressed to Trustees’ Association of India (TAI), IDBI Trusteeship Services Limited, Axis Trustee Services Limited and SBI CAP Trustee Company Limited, and their respective individuals liable under section 48.
- CCI found that the opposite parties fixed the benchmark price for debenture trusteeship services during FY 2020-21 and 2021-22.
- The finding is based on the minutes of a meeting of TAI and certain email exchanges.
- The conduct was found to be in violation of section 3(3)(a) and 3(3)(b) read with section 3(1) of the Competition Act, 2002.
- In consideration of the mitigating factors, no monetary penalty was imposed on the opposite parties or their individuals.
हिंदी में सार
CCI ने 2 सितंबर 2026 के आदेश (Case No. 29 of 2021) से Trustees’ Association of India, IDBI Trusteeship Services Limited, Axis Trustee Services Limited और SBI CAP Trustee Company Limited को प्रतिस्पर्धा-विरोधी आचरण बंद करने (cease and desist) का निर्देश दिया है। आयोग ने पाया कि FY 2020-21 और 2021-22 में debenture trusteeship सेवाओं के लिए benchmark फ़ीस तय की गई थी। mitigating factors को देखते हुए कोई आर्थिक जुर्माना नहीं लगाया गया।
The order
According to a release of the Competition Commission of India (CCI) dated 3 September 2026, the Commission, by an order dated 2 September 2026 under section 27 of the Competition Act, 2002, has directed the following to cease and desist from anti-competitive conduct:
- Trustees’ Association of India (TAI);
- IDBI Trusteeship Services Limited;
- Axis Trustee Services Limited;
- SBI CAP Trustee Company Limited; and
- their respective individuals liable under section 48 of the Act.
The conduct was found to be in violation of section 3(3)(a) and 3(3)(b) read with section 3(1) of the Act. The order was passed in Case No. 29 of 2021.
What CCI found
| Point | As stated in the release |
|---|---|
| Conduct | The opposite parties fixed the benchmark price for providing debenture trusteeship services |
| Period | FY 2020-21 and 2021-22 |
| Evidence relied on | Minutes of meeting of Trustees’ Association of India and certain email exchanges |
| Finding on price | The collective fixing of a minimum price/fee by TAI and other follow-on actions prevented independent commercial decision-making by the debenture trustees and amounted to cartelisation in terms of the Act |
| Finding on supply | The conduct also amounts to limiting and controlling the supply/market for these services, as members of TAI as well as non-members were dictated not to provide services to issuers of debentures below the benchmark fee |
| Individuals | Certain officials of TAI and of the three companies were found liable under section 48 |
| Penalty | In consideration of the mitigating factors, no monetary penalty was imposed on the opposite parties and their individuals |
The release does not name the individuals and does not list the mitigating factors.
Where to read the order
The release says a copy of the order is available on the CCI website, www.cci.gov.in.
What trade associations and their members should take from it
The order, as reported in the release, treats a benchmark or minimum fee set through an association as price-fixing under section 3(3)(a), and a direction not to serve customers below that fee as limiting or controlling supply under section 3(3)(b). The release also records that officials were held liable under section 48, although no penalty was levied in this case. Issuers of debentures, debenture trustees and association office-bearers who want the reasoning should read the order on the CCI website.
Questions and answers
What did CCI order in the Trustees’ Association of India case?
By an order dated 2 September 2026 under section 27 of the Competition Act, 2002, CCI directed Trustees’ Association of India, IDBI Trusteeship Services Limited, Axis Trustee Services Limited and SBI CAP Trustee Company Limited, and their individuals liable under section 48, to cease and desist from the conduct found to be anti-competitive.
What was the conduct?
As per the release, CCI found that the opposite parties fixed the benchmark price for providing debenture trusteeship services during FY 2020-21 and 2021-22, and that members as well as non-members of the association were dictated not to provide services below the benchmark fee.
Was a penalty imposed?
No. The release says that, in consideration of the mitigating factors, no monetary penalty was imposed on the opposite parties and their individuals.
Which case is this?
Case No. 29 of 2021. A copy of the order is available on the CCI website, www.cci.gov.in.
Published 3 September 2026. Updated 5 October 2026. This report is for general information and is not professional advice. Read the source document before acting on it.