Hon’ble President gives nods to the Competition (Amendment) Act, 2023
- Blog|News|Competition Law|
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- By Chetan Kulasri
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- Last Updated on 13 April, 2023
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Act No. 9 of 2023, dated 11.04.2023
The President has given assent to the Competition (Amendment) Act, 2023. The key amendments include a proposal to reduce the timeline for approving mergers from 210 to 150 days and the decriminalization of certain offences under the Act by changing the nature of punishment from the imposition of fines to civil penalties. Also, the Act provides a framework for settlement and commitment to faster resolution of investigations. The Amendment Act shall come into force from 11.04.2023.
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