In a significant development, the Indian Parliament has passed the much-awaited Competition Amendment Bill, 2023 (“Bill”) on April 3, 2023. The Bill will now be placed before the President of India for her assent.
The Bill proposes far-reaching amendments to the Indian competition law and aims to streamline legal provisions and integrate the learnings of the Competition Commission of India over the past 14 (fourteen) years. It is designed to bring the law into sync with international best practices and changing economic reality, not least the growth of new technologies.
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