Highlights of the Competition (Amendment) Bill 2023

Competition (Amendment) Bill 2023

Finance Minister Nirmala Sitharaman introduced the Competition (Amendment) Bill, 2023.
The purpose of the Competition Amendment is the same as allowing the Competition. Commission to have anti-competitive and negative effects on consumers. The amendment proposes the introduction of a settlement and commitment framework so that in cases of abuse of dominance and anti-competitive agreements (excluding horizontal agreements), third parties who are aggrieved can claim compensation.

The amendment proposes that the Commission should have the power to appoint a Director General (DG) instead of the Central Government to bring about greater operational and administrative efficiency in the functioning of the Commission.

Salient Features of Competition (Amendment) 2023

• The Review Amendment 2023 proposes several references to the Competition Act of 2002, which governs antitrust and compliance laws in India.
• The disputed arrangement includes reducing the time limit for compounding, broadening the scope of reporting counterparties and imposing penalties.
• Under the new cooperative, mergers and acquisitions worth more than Rs 2,000 crore should be de-risked to the Competition Commission of India (CCI) provided the party being acquired has substantial professional operations in India.
• The Bill proposes to reduce the overall time limit for assessment. Earlier, the assessment period used to be 210 days, but now it is required to be completed within 150 days from the date of filing of combination notice by the parties.
• Hub-and-spoke cartels in other UVs, broadening the scope of anti-competitive liabilities to cover the decision and sale of goods and services and ensure reasons to be used by the CCI so that it is necessary to determine Whether or not an agreement has an imputed effect on reporting.
• Additionally, the penalty would be based on income or global trade, and would be applicable to both the broking company and the people charged with the violation.
  Workshop also introduces a new form frame, which allows a worker to propose an attachment settlement for a breach.