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Last week, sleuths of the Competition Commission of India (CCI) “raided” all of India’s top media agencies. Charges? Cartelisation and collusion. Since then reams have been written in the media about what allegedly triggered the antitrust watchdog’s action. But no one has really delved into why this collusion ever happened (if it did), and when this sordid saga began — because this murky episode is likely to leave Indian advertising bruised and scarred for a long, long time, and understanding its genesis is important.
The advertising business in India was a comfortable 15 per cent commission business for decades and
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