Important Facts For Prelims
New Bills in Lok Sabha
- 08 Aug 2022
- 3 min read
Why in News?
Two new bills, the Competition (Amendment) Bill, 2022 & New Delhi International Arbitration Centre (Amendment) Bill were introduced in the Lok Sabha.
What is Competition (Amendment) Bill 2022?
- About:
- It seeks to change the structure of the Competition Commission of India (CCI).
- It seeks to introduce provisions to allow the CCI to address the needs of new-age markets.
- It also has provisions for having ‘value of transaction’ as a criteria for notifying combinations to the CCI.
- Other Proposed Amendments:
- A limitation period of three years for filing information on anti-competitive agreements and abuse of dominant position before the CCI.
- Changes in certain definitions like ‘enterprise’, ‘relevant product market’, ‘group’ and ‘control’ to provide clarity.
- Features:
- Broadening anti-competitive agreements.
- Faster approvals of mergers and acquisitions (M&A).
- Reducing penalty for parties willing to share information during an investigation.
- Reducing litigation.
What is the Competition Commission of India?
- About:
- Competition Commission of India (CCI) 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- The Monopolies and Restrictive Trade Practices Act, 1969 (MRTP Act) was repealed and replaced by the Competition Act, 2002, on the recommendations of the Raghavan committee.
- Objective:
- Competition Commission of India (CCI) is the competition regulator, and an antitrust watchdog for smaller organizations that are unable to defend themselves against large corporations, with the larger aim of consumer welfare, ensuring fair and healthy competition in economic activities.
- Composition:
- The Commission consists of one Chairperson and six Members who shall be appointed by the Central Government.
- The commission is a quasi-judicial body which gives opinions to statutory authorities and also deals with other cases. The Chairperson and other Members shall be whole-time Members.
What is the New Delhi International Arbitration Centre (Amendment) Bill?
- The New Delhi International Arbitration Centre (NDIAC) is an autonomous institution based in New Delhi, to conduct arbitration, mediation, and conciliation proceedings.
- It was established in 2019 and declared as an Institute of National Importance by an Act of Parliament.
- The New Delhi International Arbitration Centre (Amendment) Bill, was introduced by the Law Minister to change its name to India International Arbitration Centre.
