09 Aug 2022 Two new bills introduced in Lok Sabha
- Two new Bills- the Competition (Amendment) Bill, 2022 and the New Delhi International Arbitration Center (Amendment) Bill, were introduced in the Lok Sabha.
Competition (Amendment) Bill 2022:
- It seeks to change the composition of the Competition Commission of India (CCI).
- It provides for allowing CCI to meet the needs of the current markets.
- It also has provisions to have ‘transaction value’ as a criterion for notifying combinations of CCIs.
Other proposed amendments:
- Limitation period of three years fixed for seeking information before CCI on anti-competitive agreements and abuse of dominant position.
- Changes in certain definitions like ‘enterprise’, ‘relevant product market’, ‘group’ and ‘control’ to provide clarity.
- Broadening anti-competitive agreements.
- Quick approval of Mergers and Acquisitions (M&A).
- Reducing the penalty for parties willing to share information during the investigation.
- Reduction in litigation.
Competition Commission of India:
- The Competition Commission of India is a statutory body responsible for implementing the objectives of the Competition Act, 2002. It was duly constituted in March 2009.
- On the recommendations of the Raghavan Committee, the Monopolies and Restrictive Trade Practices Act, 1969 (MRTP Act) was repealed and replaced by the Competition Act, 2002.
- The Competition Commission of India (CCI) is a competition regulator and watchdog for small organizations, with the objective of eliminating practices that adversely affect competition, promote and maintain competition, protect the interests of consumers and protect the interests of consumers in the Indian markets.
- As per the Competition Act, the commission consists of a chairman and six members who are appointed by the central government.
- The Commission is a quasi-judicial body which deals with other matters besides advising the statutory authorities. Its chairman and other members are full time.
New Delhi International Arbitration Center (Amendment) Bill:
- New Delhi International Arbitration Center (NDIAC) is an autonomous institution located in New Delhi for conducting arbitration and conciliation proceedings.
- It was established in the year 2019 and declared as an Institute of National Importance by an Act of Parliament.
- The New Delhi International Arbitration Center (Amendment) Bill was introduced by the Law Minister to rename it as India International Arbitration Center.