The Rajya Sabha approved the Competition Amendment Bill, 2023, aimed at modernizing the two-decade-old anti-trust law to align with changes in the economy. The Competition Amendment Bill, 2023 aims to modify the Competition Act, 2002, which authorizes the Competition Commission Of India (CCI) to prevent practices that adversely impact competition and consumer interests.
Under the new bill, mergers and acquisitions exceeding Rs. 2,000 crores in value must be notified to the Competition Commission of India (CCI), provided that the party being acquired has substantial business operations in India.