After being passed by both the Lok Sabha and Rajya Sabha, the Competition (Amendment) Bill, 2023 received the President’s assent on ________ to become the Competition (Amendment) Act, 2023.

Key Points

• The Competition (Amendment) Bill, 2023 was passed by both the Lok Sabha and Rajya Sabha before receiving the President's assent.
• The President's assent was given on Tue Apr 11 2023 00:00:00 GMT+0530 (India Standard Time), making it the Competition (Amendment) Act, 2023.
• The Act introduces several changes aimed at enhancing the effectiveness of the Competition Commission of India (CCI).
• These amendments are expected to improve the regulatory framework and ensure a fair competitive environment in the market.
• The Act also includes provisions to simplify the procedure for approval of mergers and acquisitions.

Additional Information

• The Competition Act, 2002, which the Amendment Act seeks to update, was enacted to promote and sustain competition in markets, protect consumer interests, and ensure freedom of trade.
• The Competition Commission of India (CCI) is the regulatory body responsible for enforcing the Competition Act, 2002.
• The amendments are part of ongoing efforts to align the Act with changing economic conditions and international best practices.
• The Act covers various aspects of anti-competitive agreements, abuse of dominant position, and regulation of combinations.
• Stakeholders have broadly welcomed the amendments, noting that they will contribute to a more robust and dynamic economic environment.