Competition (Amendment) Bill:
The Competition Act aims to promote healthy competition in India. The main intention of the act is to avoid monopoly.
- The act was legislated in 2002. In 2022, the Government of India proposed certain changes and additions to the act.
- The amendment is still pending and the GoI recently added some more changes along with those it intended to introduce in 2022.
- Bill to be discussed during Budget Session of 2023.
- Changes to be made:
- Regulatory frameworks to be fine-tuned.
- To be brought in line with the digital world and the changes that occurred in the past two decades
- The scope of the settlement and commitment scheme is to be expanded
Changes In 2022:
- Deals with values more than Rs 2000 crores should be notified to CCI
- Merger approval should be done within 150 working days.
- This was 210 working days before
- CCI should have at least one judicial officer as its member