Competition (Amendment) Bill, 2022
- The Competition Act of 2002 regulates competition in the Indian market. It prohibits anti-competitive practices such as cartels, abuse of dominant market positions, and mergers and acquisitions that may have an adverse effect on competition. The Act has been amended by the Competition (Amendment) Act, 2007.
- The Competition Commission of India (CCI) implements and enforces the Act.
- The Competition Appellate Tribunal is a statutory body created in accordance with the Competition Act 2002 to hear and regulate appeals against any rules made, decisions made, or orders made by the Competition Commission of India.
- The Competition (Amendment) Bill 2022, which seeks to amend the Competition Act 2002, was passed in the Lower House amid protests from the Opposition. And the Forest (Conservation) Amendment Bill, 2023, is also introduced in parliament.:
- The Bill amends the definition of “turnover” to include global turnover derived from all products and services by a person or an enterprise.
- The Bill reduces the time limit for the CCI to form a prima facie opinion on a combination from 30 working days to 30 days.
- The Bill decriminalises certain offences under the Act by changing the nature of punishment from the imposition of fines to civil penalties.
- The amendments to the Competition Act aim to reduce regulatory hurdles and promote ease of doing business in India. The amendments are expected to provide greater clarity to businesses operating in India and reduce the compliance burden for companies.
- The inclusion of global turnover in the definition of “turnover” aims to enhance transparency and accountability in the Indian market. The amendment ensures that companies cannot escape penalties for competition law violations by shifting their revenue to other countries.
Content contributed by- Jeffrey V