Competition (Amendment) Bill 2022
The Competition (Amendment) Bill, 2022 was approved by Union cabinet and will now be presented in ongoing Monsoon Session of the Parliament. The Bill seeks to make the Competition Commission of India (CCI) more flexible and accountable.
Salient features of the Bill include;
- Bill is aimed at bringing more flexibility to the working of CCI. It also aims to strengthen the enforcement efficiency of the body.
- It also proposes to let individual or single members of six-member board to take decision on cases. Currently, regulations call for at least three members decide on each case. Letting individual member to decide on cases will help in disposing off the cases quickly.
- It also proposes to allow businesses, accused of anti-competitive practices, to settle cases by negotiating with the CCI.
- If the Bill is passed, “negotiated settlements and commitments” clause would help in avoiding avoid long-drawn proceedings. It will also cut down litigation.
- It includes the provision of soft-exit windows for uninformed or ill-informed businesses and individuals.
- It further proposes to expand the prohibited anti-competitive agreements, in a bid to cover new-age marketing arrangements, including the hub-and-spokes model of cartels.
- It will update the definition of customers, to add on government agencies making procurements.
Competition Commission of India (CCI):
CCI was established in October 2003 as a regulatory authority. It checks and eliminates business practices which are harmful for competition. It also protects the consumers’ interest and ensures freedom of trade across Indian markets. It comprises of a chairperson and 6 members, who are appointed by the central government.
Category: Legal & Constitution Current Affairs
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