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Competition (Amendment) Bill

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