Daily News Analysis » The Competition (Amendment) Bill, 2022

The Competition (Amendment) Bill, 2022

What is the News?

Recently, the Competition (Amendment) Bill, 2022 was introduced in the Lok Sabha. 

Key Points:

The Bill seeks to amend the Competition Act, 2002.

Need for the amendments:
  • Amendments became necessary to sustain and promote market competition because the dynamics of the market changed rapidly due to technological advancements, artificial intelligence, and the increasing importance of factors.
  • A review committee was established in 2019 which proposed several major amendments. 
key features of the Bill: Some of the major amendments include 
  • Gives the Commission authority to appoint the DG rather than the Central government etc. 
  • Permit CCI to seize documents and record during probes.
  • Assessment in 150 days
  • Reduces litigations through penalty
  • Incentivise parties during an investigation with lesser penalty

Conclusion: 

  • By implementing these amendments, the Commission should be better equipped to handle certain aspects of the new-age market and transform its functioning to be more robust.

About the Competition Commission of India (CCI):

  • It is a statutory body of the Government of India responsible for enforcing the Competition Act, 2002.
  • It was duly constituted in March 2009.
  • The Monopolies and Restrictive Trade Practices Act, 1969 (MRTP Act) was repealed and replaced by the Competition Act, 2002, on the recommendations of the Raghavan committee.
  • The National Company Law Appellate Tribunal (NCLAT) shall be the Appellate Tribunal for the purpose of this Competition Act 2002.