The equity investor landscape has changed significantly in India over the last few decades. Even with the COVID-19 pandemic, investors such as the Blackstone Group, APG Asset Management and CapitalLand Group are scouting for commercial assets in India. In fact Private Equity (“PE”) investments in India hit a record high of $28.66 billion till September 2020 despite the COVID-19 pandemic. Understandably this has drawn the attention of the Competition Commission of India (“CCI”). The Chairman of the market regulator recently hinted that a new market study is likely to be launched to understand the trends and patterns of common ownership by PE investors in multiple firms within the same industry in India (“Market Study”). INDUSLAW’s Avimukt Dar, Ankush Walia and Parumita Pal discuss the implications.