President Droupadi Murmu has given assent to the bill to amend the competitors law and the adjustments search to make sure regulatory certainty and foster a trust-based enterprise surroundings.
The bill to amend the Competition Act was cleared by Parliament on April 3, practically eight months after its introduction in Lok Sabha, which gave its nod on March 29. The bill was additionally referred to the Parliamentary Standing Committee on Finance, which tabled its report in Parliament on December 13 final yr.
Rajya Sabha accredited the bill on April 3. Both Houses handed the laws with none dialogue.
“Hon’ble President of India has given assent to the Competition (Amendment) Act, 2023, an act further to amend the Competition Act, 2002,” CCI mentioned in a tweet on Wednesday.
Separately, in a sequence of tweets, Competition Commission of India (CCI) Acting Chairperson Sangeeta Verma mentioned the up to date laws ensures regulatory certainty and fosters a trust-based enterprise surroundings.
“The updated law provides for faster timelines for approval of M&A filings. Introduces settlement and commitment framework for faster market correction,” she mentioned.
According to her, the amended laws additionally incentivises events in an ongoing cartel investigation when it comes to lesser penalty to reveal data concerning different cartels.
Besides, she mentioned it offers certainty to stakeholders by prescribing limitation interval of three years for submitting data on anti-competitive agreements and abuse of dominant place.
The amended law has additionally launched “value of transaction” as one other standards for notifying mergers and acquisitions to CCI.
This is the primary time for the reason that enforcement of the Competition Act in 2009 that amendments are being made to the Act.
The laws was introduced in 2002 and subsequently, it underwent amendments in 2007 and 2009. In May 2009, the anti-trust provisions of the law got here into power and two years later in May 2011, CCI began screening mergers and acquisitions.
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