Following the steps towards development, the Lok Sabha passed The Competition (Amendment) Bill, 2022 to amend The Competition Act of 2002. The bill was introduced last year in August. It was sent to Parliamentary Standing Committee on Finance headed by Jayant Sinha. The bill seeks to regulate mergers and acquisitions based on the value of transactions. Prior permission from the Competition Commission of India (CCI) would be required in Deals with a transaction value of more than Rs. 2,000 crores.
Apart from this, the bill broadens the scope of institutions that can fall under the ambit of anti-competitive agreements. In the previous act, only enterprises or persons in similar fields can be held accountable for such agreements. Businesses or individuals will also be included who do not operate in a similar field.
A framework for quick disposal is also added in the amended bill through settlement and commitment. This bill also makes certain offences civil which were earlier dealt with under the criminal procedure, such as failure to comply with orders of the CCI and directions of the Director General (DG) related to anti-competitive agreements and abuse of dominant position.