President Droupadi Murmu has given assent to the invoice to amend the competitors regulation and the modifications search to make sure regulatory certainty and foster a trust-based enterprise surroundings.
The invoice to amend the Competition Act was cleared by Parliament on April 3, almost eight months after its introduction in Lok Sabha, which gave its nod on March 29. The invoice was additionally referred to the Parliamentary Standing Committee on Finance, which tabled its report in Parliament on December 13 final yr.
Rajya Sabha authorized the invoice 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 collection 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 by way of lesser penalty to reveal info concerning different cartels.
Besides, she mentioned it offers certainty to stakeholders by prescribing limitation interval of three years for submitting info on anti-competitive agreements and abuse of dominant place.
The amended regulation has additionally launched “value of transaction” as one other standards for notifying mergers and acquisitions to CCI.
This is the primary time because the 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 regulation got here into drive and two years later in May 2011, CCI began screening mergers and acquisitions.
Source: www.thehindu.com