Competition Amendment Act, 2023

The Competition (Amendment) Bill, 2023 (Amendment) was recently approved by both houses of Parliament in India and thereafter received the assent of the President to become the Competition (Amendment) Act, 2023. It introduces significant substantive as well as procedural changes to Indian competition law including widening of powers of the Competition Commission of India (CCI). The Amendment aims to update the decade old Competition Act, 2002 (Competition Act) with much needed reforms and effectively, overhauls certain key aspects of the regime in India. While certain amendments are aimed at equipping the CCI to effectively regulate the increasingly important digital markets, certain other amendments will require careful exercise of the new provisions – through clear and effective regulations.