The Rajya Sabha, the upper house of the Indian Parliament, has recently passed the Competition Amendment Bill, 2023. The bill is aimed at strengthening the Competition Commission of India (CCI) and enhancing its powers to promote fair competition in the market.
The Competition Amendment Bill, 2023 proposes several amendments to the existing Competition Act, 2002, which was enacted to prevent anti-competitive practices and promote fair competition in the market. The amendments include provisions to address issues such as digital markets, cross-border mergers, and abuse of dominance.
One of the key provisions of the bill is the introduction of a Green Channel mechanism for merger approvals. This mechanism will allow for the fast-track approval of certain types of mergers that are unlikely to have an adverse effect on competition in the market. This is expected to streamline the merger approval process and reduce the burden on the CCI.
The bill also proposes to enhance the powers of the CCI to investigate and penalize anti-competitive practices. This includes the power to impose penalties on individuals responsible for anti-competitive conduct, in addition to companies.
Moreover, the bill seeks to address issues related to digital markets by introducing provisions to regulate digital monopolies and prevent abuse of dominance in the digital space. It also proposes to establish a separate division within the CCI to deal with digital markets.
The passing of the Competition Amendment Bill, 2023 is expected to strengthen the regulatory framework for competition in India and promote fair competition in the market. It is also expected to boost investor confidence and promote economic growth in the country
