Lok Sabha passes two new bills: the Competition (Amendment) Bill, 2022 & New Delhi International Arbitration Centre (Amendment) Bill

by mehekkaoberoi

Bасkgrоund:-

-What is the Competition (Amendment) Bill 2022?

  • It seeks to change the structure of the Competition Commission of India (CCI).
  • It seeks to introduce provisions to allow the CCI to address the needs of new-age markets.
  • It also has provisions for having ‘value of transaction’ as a criterion for notifying combinations to the CCI.

-What is the New Delhi International Arbitration Centre (Amendment) Bill?

  • The New Delhi International Arbitration Centre (NDIAC) is an autonomous institution based in New Delhi, to conduct arbitration, mediation, and conciliation proceedings.
  • It was established in 2019 and declared as an Institute of National Importance by an Act of Parliament.

Linkаges:- 

-What is the Competition Commission of India?

  • Competition Commission of India (CCI) is a statutory body of the Government of India responsible for enforcing the Competition Act, 2002, it was duly constituted in March 2009.
  • Competition Commission of India (CCI) is the competition regulator, and an antitrust watchdog for smaller organizations that are unable to defend themselves against large corporations, with the larger aim of consumer welfare, ensuring fair and healthy competition in economic activities.

Сurrent  Sсenаriо:-

  • Minister of State for Corporate Affairs Rao Inderjit Singh introduced the Competition (Amendment) Bill seeking substantive provisions to allow the CCI to address the needs of new-age markets.
  • The other Bill, the New Delhi International Arbitration Centre (Amendment) Bill, was introduced by Law Minister Kiren Rijiju to change its name to India International Arbitration Centre.

Imрасt:-

-The Competition (Amendment) Bill, 2022

Other Proposed Amendments:

  • A limitation period of three years for filing information on anti-competitive agreements and abuse of dominant position before the CCI.
  • Changes in certain definitions like ‘enterprise’, ‘relevant product market’, ‘group’ and ‘control’ to provide clarity.

Features:

  • Broadening anti-competitive agreements.
  • Faster approvals of mergers and acquisitions (M&A).
  • Reducing penalty for parties willing to share information during an investigation.
  • Reducing litigation.

-New Delhi International Arbitration Centre (Amendment) Bill:

The New Delhi International Arbitration Centre (Amendment) Bill, was introduced by Law Minister Kiren Rijiju to change its name to India International Arbitration Centre.

Curated by- Jeffrey

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