Competition (Amendment) Bill, 2022

1. Downloaded from: justpaste.it/3paxe Competition (Amendment) Bill, 2022 Context: The long-awaited Bill to amend the Competition Act, 2002, was finally tabled in the Lok Sabha recently. About The Indian Competition Act was passed in 2002, but it wasn’t until seven years later that it actually took effect. Anti-competitive agreements, abuse of dominance, and combinations are the three main anti-competitive market activities that the Competition Commission investigates. Changes became necessary to maintain and foster market competitiveness since the dynamics of the market changed quickly as a result of technological breakthroughs, artificial intelligence, and the growing relevance of factors other than price. As a result, a review committee was formed in 2019 and made numerous significant adjustments. Recently, the Lok Sabha received the long-awaited Bill to modify the Competition Act, 2002. Challenges: A combination can be any purchase, merger, or amalgamation. Parties engaging in merger, acquisition, or amalgamation are currently only required to notify the Commission of a combination on the basis of “asset” or “turnover,” according to Section 5. A “deal value” barrier is proposed to be added under the new Bill. Any transaction with a deal value greater than Rs. 2,000 crore and if either party has “significant business operations in India” must be reported to the Commission. The Commission is required to create regulations that specify the criteria for determining whether a company has “substantial business operations in India.” · For More Information, please visit for study materials, Current affairs in Believers IAS Academy.